Nigeria’s Moniepoint expands into Kenya, targets SME banking growth

Nigeria’s fintech company Moniepoint, led by tech entrepreneur Tosin Eniolorunda, expanded into Kenya by acquiring a 78 percent stake in Sumac Microfinance Bank. The deal, with undisclosed terms, was completed on March 26 at a reception in Nairobi’s Westlands district.

The acquisition gives Moniepoint a deposit-taking licence, a key requirement for its credit-led expansion plans targeting small and medium-sized enterprises (SMEs). Moniepoint’s move follows an earlier attempt to enter Kenya through the payments firm Kopo Kopo, which stalled.

By acquiring a majority stake in a 20-year-old bank, Moniepoint bypasses the Central Bank of Kenya’s freeze on new banking licences and positions itself against Safaricom and Equity Group. This highlights a trend in African fintech, where companies are expanding from payments into licensed banking, mergers, and consolidation to provide broader services.

Moniepoint expands business client base

The expansion comes as Moniepoint continues to build on strong results under Eniolorunda’s leadership. In 2025, the company processed N412 trillion ($300.4 billion) in transactions. That year, it also launched Monieworld, a remittance product enabling money transfers from the United Kingdom directly to Nigerian accounts.

Later, Moniebook, Moniepoint’s business management platform, signed clients including Shafa Energy and Fruitylife, expanding its reach into daily business operations. Earlier this month, Moniepoint acquired restaurant management platform Orda, boosting its merchant services.

Orda’s tools will be integrated into Moniebook under the new name Moniebook for Restaurants, covering inventory, sales tracking, and bookkeeping. The Nigerian business of Orda is included in the deal, while its Kenyan arm remains outside. About 25 Orda employees are joining Moniepoint. Founded six years ago, Orda raised $4.5 million in seed funding in 2022.

Moniepoint builds full SME ecosystem

With these acquisitions, Moniepoint is positioning itself as more than a payments provider, taking a hands-on role in running SMEs in Africa. By combining licensed banking with operational tools, the company aims to offer a complete ecosystem for small businesses across multiple countries, reflecting a shift in how African fintechs are growing and consolidating.