Tosin Eniolorunda's Moniepoint enters Kenya with 78 percent stake in Sumac Microfinance Bank
Billionaires Africa | 30.03.2026 17:14
Moniepoint Inc., the Nigerian fintech unicorn co-founded and led by Eniolorunda, has acquired a 78 percent majority stake in Sumac Microfinance Bank, securing its first licensed presence in East Africa after a previous attempt to acquire payments company Kopo Kopo did not close. The Competition Authority of Kenya approved the transaction unconditionally, stating it poses no adverse effects on competition or public interest and that no job losses are expected. Final clearance from the Central Bank of Kenya is still pending.
