Is Moniepoint’s Acquisition of Sumac a Sign of Fintech Consolidation Across Africa?
In what could become a landmark move for African fintech expansion, Nigeria’s Moniepoint Inc. has secured regulatory approval from the Competition Authority of Kenya (CAK) to acquire a 78% stake in Sumac Microfinance Bank. The acquisition—still pending final greenlight from the Central Bank of Kenya (CBK)—signals a growing trend: African