Moniepoint Secures Major Stake in Sumac Microfinance Bank

Financial technology company Moniepoint Inc., Africa’s fastest-growing fintech, has acquired a significant stake in Sumac Microfinance Bank Limited, a Kenyan financial institution. This deal, approved by the Competition Authority of Kenya (CAK), grants Moniepoint a 78% ownership share in the bank. The acquisition was granted after CAK determined it is unlikely to negatively impact competition or public interest.