The Kenya Competition Authority (CAK) has approved the acquisition of a 78% stake in Sumac Microfinance Bank by Moniepoint Inc.

MoniePoint Inc is a Nigerian fintech giant, while Sumac Microfinance Bank is a medium-sized licensed lender. The transaction, which is still awaiting final approval from the Central Bank of Kenya (CBK), allows Moniepoint to enter the tightly regulated and highly competitive Kenyan financial services market. This acquisition will allow Moniepoint to bypass the lengthy licensing process and immediately offer services to the $67.3 billion Kenyan mobile payments market. The authorization of the CAK comes only five months after the failure of the previous attempt to acquire the local payment company KopoKopo by Moniepoint. The transaction reflects a broader regional trend of consolidation in fintech, as regulatory complexity and the need for compliance push foreign players to buy into local ecosystems