Moniepoint gets approval to acquire 78% stake in Kenya’s Sumac after KopoKopo setback
- Moniepoint has received approval from the Competition Authority of Kenya to acquire a 78% stake in Sumac Microfinance Bank.
- The acquisition will allow Moniepoint to enter Kenya's regulated banking sector.
- The deal is still subject to approval by the Central Bank of Kenya.
The approval of Moniepoint's acquisition of Sumac Microfinance Bank signifies a positive shift in Kenya's fintech landscape, potentially enhancing competition and innovation in the banking sector. However, the reliance on acquisitions to bypass regulatory hurdles raises questions about the long-term sustainability and impact on local players.
