Moniepoint gets CAK nod to acquire 78 per cent stake in Sumac Microfinance

Moniepoint Inc. has received unconditional regulatory approval from the Competition Authority of Kenya (CAK) to acquire a 78 per cent shareholding in Sumac Microfinance Bank Limited.

In a public notice dated June 2,  2025, CAK confirmed that the proposed acquisition met all legal thresholds for a merger and did not raise concerns around competition or public interest.

“The Competition Authority of Kenya has approved the proposed acquisition of 78 per cent shareholding of Sumac Microfinance Bank Limited by Moniepoint Inc. unconditionally, noting that the transaction is unlikely to negatively impact competition in the market for provision of microfinance banking services in Kenya, nor elicit negative public interest concerns,” the Authority stated.

Moniepoint Inc, the acquiring firm, is a private limited liability company incorporated in the United States of America.

It currently operates two subsidiaries in Nigeria — TeamApt Limited and Moniepoint Microfinance Bank Limited.

Sumac Microfinance Bank, the target of the transaction, is a licensed deposit-taking institution in Kenya.

Established in 2002 as an investment group, Sumac offers a wide range of financial services including deposit-taking and lending, monetary intermediation, insurance agency and brokerage, financial leasing, money transfer services, and forex trading.

The CAK noted that the acquisition qualifies as a merger under Kenyan law. It further clarified that: “The transaction between Moniepoint Inc. and Sumac met this threshold for mandatory notification and full analysis by the Authority as required.”

The approval allows Moniepoint to formally proceed with the transaction, gaining a controlling interest in Sumac’s operations and market presence within Kenya’s regulated microfinance banking sector.