Nigerian FinTech unicorn Moniepoint announced today that it has completed the acquisition of Nairobi-based Sumac Microfinance Bank Limited. The transaction has received approval from the Central Bank of Kenya and the Competition Authority of Kenya. This marks its first significant acquisition on the continent and its official entry into the East African market.
Moniepoint now owns a 78% majority share in Sumac. This enables Moniepoint to introduce its banking, payments, credit, and business management services to Kenya’s 7.4 million MSMEs.
“We are delighted to welcome Sumac to the Moniepoint family. Kenya’s vibrant MSME sector and sophisticated mobile money ecosystem make it a natural fit for our next phase of growth. This acquisition ensures Kenyan entrepreneurs gain access to integrated tools that drive scale, and we look forward to working with the Sumac team to build a bigger, more impactful organisation together,” said Tosin Eniolorunda, co-founder and Group CEO of Moniepoint.
Moniepoint (formerly TeamApt Inc.) was founded in 2015 by Tosin Eniolorunda and Felix Ike. It is Africa’s all-in-one financial platform. It claims to help 20 million businesses and individuals access payments, banking, credit, cross-border, and business management tools each month. The platform is Nigeria’s largest merchant acquirer, and it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint processes over $250 billion in digital payment transaction value annually.
According to the company, the Kenyan MSME sector accounts for 40% of the country’s GDP. Despite this, it lacks access to integrated financial services such as payments, banking, and credit, all available within a single platform. Moniepoint aims to address this underserved segment and equip Kenyan entrepreneurs with the full suite of tools they need to succeed and grow.
Founded in 2002, Sumac Microfinance Bank provides a range of services, including business and agribusiness loans, deposit accounts, trade finance, asset financing, bancassurance, foreign exchange, and mobile banking. It is licensed by the Central Bank of Kenya and has branches in key counties such as Nairobi, Kiambu, and Nakuru.
John Kibatha Njoroge, founder and chairman of Sumac Microfinance Bank, said, “This strategic partnership combines Sumac’s deep local expertise and customer trust with Moniepoint’s cutting-edge technology, massive scale, and innovation track record. Together, we are poised to deliver transformative value to our customers, strengthen financial inclusion across Kenya, and contribute to the broader growth of digital financial services in East Africa.”
Sumac states that the acquisition does not affect its daily operations, staff, depositors, borrowers, or creditors. All existing rights, obligations, accounts, loans, and services remain fully protected and unchanged. Its customers can continue accessing their accounts and conducting business as usual.
This acquisition will benefit Sumac and its stakeholders through a stronger capital base and increased lending capacity, coupled with Moniepoint’s advanced digital infrastructure, enhancing technological capabilities and user experience. Sumac highlights that improved operational efficiency and access to Moniepoint’s extensive strategic alliances across Africa and beyond will also be achieved.
Moniepoint has been on an acquisition spree, having acquired Orda Africa, a cloud-based restaurant management platform, and Bancom Europe, an FCA-licensed e-money institution.
Last year, in October, the company announced that it had raised over $200 million in equity financing in a recently closed Series C funding round. In April 2025, it announced the launch of MonieWorld, a new remittance and digital financial services solution, specifically to meet the fragmented, underserved needs of the UK’s African diaspora.
