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.
PORTLAND, Maine--(BUSINESS WIRE)--Aug 6, 2026--
The Avangrid Foundation, the philanthropic arm of leading energy company Avangrid Inc., a member of the Iberdrola Group, joined Central Maine Power, the Eastern Trail Alliance, community leaders, project partners, and Maine residents on August 6th to celebrate the ribbon-cutting of a new 1.6-mile segment of the Eastern Trail. This milestone project closes a longstanding gap in the trail system and creates a continuous off-road connection from South Portland’s Bug Light to downtown Saco.
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The ribbon-cutting ceremony marked the completion of the "Close the Gap" project, which expands public access to safe outdoor recreation, active transportation, and the natural beauty of southern Maine. The Avangrid Foundation supported the project through a grant that helped advance the vision of creating a more connected and accessible trail network for Maine residents and visitors.
"At Avangrid, we believe strong communities are built through investments that create lasting value for the people we serve. The completion of this new Eastern Trail segment is a great example of how partnerships can expand access to outdoor recreation, improve connectivity, and enhance quality of life across southern Maine,” said Avangrid CEO Jose Antonio Miranda. “By supporting this project, the Avangrid Foundation and Central Maine Power are helping create a lasting community asset that will benefit residents and attract visitors for years to come.”
"Trails do more than connect destinations—they connect people. This new segment of the Eastern Trail creates a seamless link between communities while expanding access to outdoor recreation for families, cyclists, runners, and visitors alike,” said Pablo Colón, Director of Corporate Citizenship and Executive Director of the Avangrid Foundation. “We're proud to partner with the Eastern Trail Alliance on a project that will help more people experience the beauty of Maine for years to come.”
Spanning 1.6 miles, the construction of this new trail closes a gap in the Eastern Trail and now provides 16 continuous off-road miles for public enjoyment. The new segment required the construction of two new bridges, one over the Nonesuch River crossing and a second elevated over the railroad tracks. The trail is officially open for public use following the ribbon cutting.
“This is an exciting culmination of almost two decades of hard work,” said Eliza Alexander, Interim Executive Director of the Eastern Trail Alliance. “The new trail segment creates a beautiful off-road corridor that is safe and accessible for runners, walkers, and cyclists alike. We are deeply grateful for the generosity and collaboration of the many people who helped realize this vision.”
About Avangrid Foundation: The Avangrid Foundation is an independent, nonprofit organization that funds philanthropic investments that primarily impact communities where Avangrid, Inc. and its subsidiaries operate. Since 2001, the Avangrid Foundation and its predecessors have invested more than $45 million in partnerships that focus on building sustainable, vital and healthy communities; preserving cultural and artistic heritage; advancing education; and improving people’s lives. The Avangrid Foundation is committed to advancing the United Nations Sustainable Development Goals in the United States. For more information, please visit https://www.avangrid.com/avangrid-foundation.
About Avangrid: Avangrid, Inc. is a leading energy company in the United States working to meet the growing demand for energy for homes and businesses across the nation through service, innovation, and continued investments by expanding grid infrastructure and energy generation projects. Avangrid has offices in Connecticut, New York, Massachusetts, Maine, and Oregon, including operations in 25 states with approximately $50 billion in assets. Avangrid owns and operates seven electric and natural gas utilities, serving more than 3.4 million customers in New York and New England. It also owns and operates nearly 100 energy generation facilities across the United States producing more than 11 GW of power for over 3 million customers. Avangrid employs approximately 8,500 people and was named among the World’s Most Ethical Companies in 2026 for the eighth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit http://www.avangrid.com
Avangrid Foundation Celebrates Opening of New Eastern Trail Segment, Connecting Communities Across Southern Maine
