In a major regional play, Nigerian fintech powerhouse Moniepoint has announced plans to acquire Kenya’s Sumac Microfinance Bank, marking its official entry into East Africa.

The deal currently undergoing regulatory review signals growing consolidation in Africa’s fintech space.

Moniepoint, best known for its agent banking and SME payment solutions in Nigeria, aims to bring its platform to Kenya’s rapidly growing small business ecosystem.

Sumac, with branches in Nairobi and other cities, will serve as a launchpad for Moniepoint’s credit, savings, and payment products.

Industry watchers see the move as a bold but calculated expansion.

East Africa, especially Kenya, has long been a fintech pioneer thanks to platforms like M-Pesa.

Moniepoint’s arrival could intensify competition and innovation in this space.

Executives from both companies expressed excitement about the deal, calling it a “win for financial inclusion.”

They emphasized that the acquisition will help underserved customers access faster, tech-driven banking services with fewer hurdles.

As the deal progresses, all eyes will be on how Moniepoint adapts its model to Kenya’s unique financial culture and whether more cross-border fintech mergers are on the horizon for Africa in 2025.