The Competition Authority of Kenya (CAK) has approved Moniepoint’s proposal to acquire 100% of the shares of Kenyan fintech startup Kopo Kopo. This acquisition aligns with Moniepoint’s ambitious expansion strategy following its rebranding from TeamApt. The Nigerian fintech company, co-founded by Tosin Eniolorunda and Felix Ike, aims to extend its footprint across East and North Africa by tapping into large, underserved business markets.

A Strategic Move into Kenya and Beyond

During an interview with The African Report, CEO Tosin Eniolorunda and co-founder Felix Ike outlined Moniepoint’s interest in expanding to Kenya and Tanzania. Shortly after, the CAK granted approval for Moniepoint to acquire Kopo Kopo, marking a significant milestone in its journey to grow beyond Nigeria.

Eniolorunda expressed enthusiasm about the development:

“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa and are delighted to have reached the milestone of securing regulatory approval for our plans.”

Regulatory Green Light Without Competition or Public Interest Concerns

According to the CAK, the acquisition passed the regulatory review with two key findings:

1. No negative impact on competition in Kenya’s digital credit market.
2. No public interest concerns raised by the transaction.

The competition regulator emphasized that the market structure would remain unaffected, as Moniepoint was not previously involved in similar business activities in Kenya.

Kopo Kopo: A Strong Regional Player

Founded in 2010 by Ben Lyon and Dylan Higgins, Kopo Kopo has made a name for itself within the fintech space, attracting $5.4 million in funding from major investors such as Accion Venture Lab, Havelin Venture Partners, First Light Ventures, and Khosla Impact. Kopo Kopo’s services align with Moniepoint’s vision, including credit solutions, business management tools, and banking services like savings and investments.

The startup also allows small merchants to accept mobile money payments, leveraging Kenya’s robust mobile money ecosystem, which is largely driven by Safaricom’s M-Pesa.

Moniepoint’s Vision for Kenya

In Nigeria, Moniepoint offers an array of financial products, including a payment gateway, business loans, expense cards, accounting tools, and insurance. With the acquisition of Kopo Kopo, Moniepoint aims to expand similar services into the Kenyan market, helping small and medium-sized businesses access the financial tools they need to thrive.

Although Moniepoint and Kopo Kopo offer similar products in their respective markets—such as credit, business management tools, and savings solutions—the acquisition will allow Moniepoint to tailor these services to local market needs while building on Kopo Kopo’s strengths in mobile payments.

This acquisition underscores Moniepoint’s mission to provide innovative financial solutions across Africa, enhancing access to business tools and financial services for merchants in both West and East Africa.