Kenya: US Firm Acquires Kenya’s Sumac Microfinance Bank Ltd

Nairobi — Moniepoint Inc., a private limited liability company incorporated in the United States of America, has been approved to acquire Sumac Microfinance Bank Limited for an undisclosed amount.

As part of the deal, the U.S. firm will acquire a 78 percent shareholding of the microfinance company.

Sumac Microfinance Bank Limited, which began its operation in 2002, is involved in monetary intermediation, financial leasing, and insurance agency, among other activities.

On the other hand, the…