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Moniepoint to diversify after buying Sumac stake
As of May 2025, Kenya had 14 licensed microfinance banks. Sumac was licensed as a fully-fledged microfinance bank by the CBK in 2012. Its biggest competitors are Faulu, Kenya Women MFB, SMEP MFB, Rafiki MFB and Caritas MFB.
Nigerian fintech company Moniepoint plans to diversify lending to more categories of small businesses and digitise operations at Sumac Microfinance Bank following its acquisition of a 78 percent stake in the Kenyan lender.
Moniepoint says it will focus on upgrading Sumac’s technology platform, building out lending data capabilities and accelerating credit issuance to segments such as small schools and enterprises.
