Nigeria’s Moniepoint enters Kenya with 78% stake in Sumac microfinance

Moniepoint Inc., a Nigerian business-banking unicorn, has completed its acquisition of a 78% stake in Kenya’s Sumac Microfinance Bank, ending a multi-year effort by the Nigerian fintech to secure a foothold in East Africa’s largest economy.

The deal was finalised on Thursday as executives gathered for a reception in Nairobi’s Westlands area. It provides Moniepoint with a…