Moniepoint Obtains Approval to Acquire 78% Stake in Kenyan Microfinance Bank
Sunday 8th June 2025
I hope you are having an amazing Sunday! Welcome back to the ONLY newsletter that gives readers a weekly recap of the major events in the Nigerian Business World.
According to a Competition Authority of Kenya statement released on Monday, Moniepoint, a Nigerian fintech company, has received key regulatory approval to acquire a 78% controlling stake in Nairobi-based Sumac Microfinance Bank Limited.
The authority granted unconditional approval, noting that the deal is unlikely to negatively impact competition "in the market for the provision of microfinance banking services in Kenya, nor elicit negative public interest concerns."
Moniepoint's expansion into Kenya allows it to scale its digital banking and payments offering in one of East Africa's key financial hubs.
Moniepoint, which became a unicorn earlier this year after raising $110 million in a Series C funding round worth more than $1 billion, processes $17 billion in transactions monthly, according to the company's website.
Oando Extends Upstream Investment with $375m Financing Deal
Oando Plc announced the successful expansion of its Reserve-Based Lending (RBL2) facility to $375 million. The refinancing, led by the African Export-Import Bank (Afreximbank) and supported by Mercuria, extends the facility's final maturity date to 30 January 2029.
This successful refinancing demonstrates leading financial institutions' confidence in Oando's strategic direction and ability to leverage its expanded asset base to drive growth and value creation in the Nigerian energy sector.
Speaking on this strategic achievement, Wale Tinubu, Group Chief Executive, Oando PLC, said;
“We are pleased to have completed the upsizing of our RBL2 facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximising the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cashflows to Oando over the assets’ life”.
Tony Elumelu Raises Stake in UBA to 10.63%
Tony Elumelu, Chairman of UBA Plc, has increased his stake in the bank to 10.63%. This came after he acquired N43.9 billion in UBA shares on Friday, representing an additional 3.09% stake in the bank.
The business magnate retains a stake directly and indirectly through Heirs Holdings, HH Capital, and Heirs Alliance. Between May 22nd and 23rd, Heirs Holdings purchased UBA shares worth N1.54 billion on the Nigerian Exchange (NGX), accounting for a 0.11% stake. On May 30, Elumelu made a direct acquisition of N43.9 billion worth of shares.
Before these acquisitions, Elumelu's combined direct and indirect holding was 7.43%. He owned 234.2 million shares directly, with an additional 2.82 billion held indirectly through Heirs Holdings, HH Capital, and Heirs Alliance.
PalmPay Ranked Top Fintech and #2 Overall in the Financial Times Fastest-Growing Companies 2025 List
PalmPay, a leading neobank and fintech platform for emerging markets, has been named the fastest-growing financial services company in the Financial Times' Fastest-Growing Companies in Africa 2025 list, compiled in collaboration with Statista.
PalmPay ranked second overall among the 130 companies on this year's list.
The annual ranking evaluates Africa-based businesses based on key performance indicators such as revenue growth, user adoption, and operational scale.
PalmPay achieved a compound annual growth rate (CAGR) of 583.6% between 2020 and 2023, owing to the expansion of tech-enabled financial services in Nigeria.
PalmPay has over 35 million registered users and up to 15 million daily transactions by 2025, establishing itself as a key player in Africa's digital transformation.
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Thank you for reading! Stay tuned next week to be updated with the latest major events from the Nigerian commercial sector.