LONDON--(BUSINESS WIRE)--Apr 1, 2026--
Moniepoint Inc. ("Moniepoint"), Africa's leading financial platform, today announces the completion of its acquisition of Sumac Microfinance Bank Limited ("Sumac"). The transaction, approved by the Central Bank of Kenya and Competition Authority of Kenya, marks Moniepoint’s first major acquisition on the continent and its formal entry into the East African market.
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Moniepoint now holds a 78% majority stake in Sumac. The move allows Moniepoint to deploy its comprehensive suite of banking, payments, credit, and business management tools to Kenya's 7.4 million MSMEs - a sector contributing 40% of the nation’s GDP.
However, Kenya's MSMEs remain underserved when it comes to seamlessly integrated financial tools - business payments, banking, and credit - delivered within a single, cohesive platform. This gap represents a clear and urgent opportunity. Moniepoint's entry is designed precisely to address this underserved segment, equipping Kenyan entrepreneurs with the full suite of tools they need to succeed and grow.
Sumac customers will experience a seamless transition to a digital-first platform underpinned by Moniepoint’s world-class engineering, while benefitting from a strengthened capital base and expanded lending capacity.
Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., said:
“We are delighted to welcome Sumac to the Moniepoint family. Kenya’s vibrant MSME sector and sophisticated mobile money ecosystem make it a natural fit for our next phase of growth. This acquisition ensures Kenyan entrepreneurs gain access to integrated tools that drive scale, and we look forward to working with the Sumac team to build a bigger, more impactful organization together.”
John Kibatha Njoroge, Founder and Chairman of Sumac Microfinance Bank, added:
“This partnership combines Sumac’s local expertise and customer trust with Moniepoint’s cutting-edge technology. We are poised to deliver transformative value and strengthen financial inclusion across Kenya, ensuring Sumac becomes the ideal partner for every business in the country.”
The Sumac acquisition builds on Moniepoint's recent momentum, following its acquisition of Orda Africa, a cloud-based restaurant management platform, and Bancom Europe, an FCA-licensed e-money institution, both reinforcing its commitment to Africa's financial infrastructure and a borderless strategy serving the global African diaspora.
Founded in 2015, Moniepoint continues to lead the charge for financial inclusion, providing essential services to businesses operating in both formal and informal economies across the continent.
Notes to Editors
About Moniepoint
Moniepoint Inc. is Africa’s all-in-one financial platform, helping 20 million businesses and individuals access seamless payments, banking, credit, cross border, and business management tools each month. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes over $250 billion in digital payments transaction value annually.
For more information, please visit https://moniepoint.com
Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., and John Kibatha Njoroge, Founder and Chairman of Sumac Microfinance Bank.
WASHINGTON (AP) — House Speaker Mike Johnson and Senate Majority Leader John Thune announced a plan Wednesday to fully fund the Department of Homeland Security, moving past a split between the two Republican leaders that resulted in Congress leaving Washington last week without a fix to a record-setting partial government shutdown.
They said in a joint statement that “in the coming days” Republicans in Congress will return to a Senate plan to fund most of the department through an agreement with Democratic senators, with the exception of U.S. Immigration and Customs Enforcement and U.S. Border Patrol. Republicans would then try later to fund those agencies through party-line spending legislation.
Neither outcome is guaranteed, and the strategy could potentially still face opposition from the GOP’s own ranks even though President Donald Trump has given his support.
“We appreciate and share the President’s determination to once and for all bring an end to the Democrat DHS shutdown,” said Johnson, R-La., and Thune, R-S.D.
The plan represents a do-over of what senators had in mind when they passed a bipartisan funding agreement through unanimous consent last Friday. The Senate could approve similar legislation as soon as Thursday morning through unanimous consent, but even if that happens, it's unclear how quickly the bill could move through the House. It will likely take several months for Republicans to act on the second part of Trump's plan and pass budgeting legislation to fund ICE and Border Patrol.
House Republicans refused to go along with the Senate plan last week, instead changing the bill to fund all of DHS for 60 days.
As a result, the shutdown continued as lawmakers left for their home states and congressional districts for a two-week recess. The DHS shutdown reached its 47th day on Wednesday.
Senate Democratic leader Chuck Schumer said in a statement, "Republican divisions derailed a bipartisan agreement, making American families pay the price for their dysfunction."
The announcement from the GOP leaders showed that for now, Thune and Johnson are on the same page. Their working relationship experienced a rupture late last week when Johnson — at the urging of many House Republicans — rejected Thune’s plan.
The top Republicans hoping the path ahead will win over skeptical GOP colleagues, but the most conservative lawmakers are likely to seek full funding for all of Trump’s immigration and deportation operations.
“Let’s make this simple: caving to Democrats and not paying CBP and ICE is agreeing to defund Law Enforcement and leaving our borders wide open again,” Rep. Scott Perry, R-Pa., posted on X. “If that’s the vote, I’m a NO.”
It is uncertain whether Johnson could find enough support from the House to recall lawmakers back to Washington before their spring recess ends in mid-April.
Meanwhile, the narrow budget package being prepared for later this year is expected to fund ICE and Border Patrol through the remainder of Trump’s term, as a away to try to ensure those agencies are no longer at risk from Democrats objecting to the president’s immigration enforcement agenda.
Earlier Wednesday, Trump weighed in on the shutdown, using a social media post to seemingly call on Republicans to fund the immigration portions of DHS through a bill that would not require Democratic support. He said he wanted the legislation on his desk by June 1.
“We are going to work as fast, and as focused, as possible to replenish funding for our Border and ICE Agents, and the Radical Left Democrats won’t be able to stop us,” Trump said.
House Democratic leader Hakeem Jeffries released a statement saying, “It’s time to pay TSA agents, end the airport chaos and fully fund every part of the Department of Homeland Security that does not relate to Donald Trump’s violent mass deportation machine.”
The vast majority of Homeland Security workers continue to report to work during the shutdown, but many thousands have been going without pay. That led to more Transportation Security Administration agents calling out from work, causing frustrating security lines at some of the nation's biggest airports. Those bottlenecks appeared to be clearing this week as agents began receiving backpay, per an executive order from Trump.
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Associated Press writer Lisa Mascaro in Washington contributed reporting.
Sen. Majority Leader John Thune, R-S.D., speaks during a news conference after a policy luncheon on Capitol Hill, Tuesday, March 24, 2026, in Washington. (AP Photo/Mariam Zuhaib)
Speaker of the House Mike Johnson, R-La., speaks during a news conference on Capitol Hill, Friday, March 27, 2026, in Washington. (AP Photo/Mariam Zuhaib)
