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Moniepoint, a prominent Nigerian Fintech firm offering a comprehensive payments, banking, and operations platform for businesses, has been granted regulatory approval for the acquisition of Kenyan Fintech company Kopo Kopo.
The acquisition of Kopo Kopo by Moniepoint received a green light from the Competition Authority of Kenya after a meticulous evaluation of the potential impacts of the merger.
The Competition Authority of Kenya stated in a released statement, “The Competition Authority of Kenya has unconditionally approved the proposed acquisition of 100% shares in Kopo Kopo by Moniepoint. This decision is based on two crucial factors: first, the merger is unlikely to have adverse effects on competition in the digital credit market; and second, the transaction will not give rise to negative public interest concerns.”
Kopo Kopo, founded in 2010 by Ben Lyon and Dylan Higgins, offers solutions aimed at nurturing growth and success among Kenyan businesses through streamlined payment processes.
Through its services, Kopo Kopo empowers small and medium-sized enterprises (SMEs) in Kenya to efficiently manage mobile payments in real-time, engage customers with tailored promotions, and utilize loyalty tools suitable for the market.
The secure platform provided by Kopo Kopo offers businesses an alternative to traditional payment methods, complete with an online dashboard for statements, payment views, and fund settlements. It also provides ISO/Acquirer tools catering to merchant acquirers such as banks, mobile network operators, and third-party entities.
Moniepoint’s acquisition of Kopo Kopo is poised to extend its offerings to the Kenyan market, aligned with its expansion strategies across the African continent.
Moniepoint stands as one of Nigeria’s leading platforms for business payments and banking, equipped with a robust banking and payments infrastructure. Beyond payment processing, Moniepoint extends vital financial services to SMEs, encompassing working capital loans and accounting solutions.
Since obtaining its license in February 2022, Moniepoint has facilitated banking, payment processing, loan access, and business management tools for over 1.5 million businesses.
A notable aspect of Moniepoint is its vast distribution network for financial services in Nigeria, with over 33 million individuals using their POS terminals monthly across every local government in the country.
With funding rounds totaling nearly $100 million, including a $50 million round led by US-based venture capital firm QED Investors in August 2022, Moniepoint’s significant financial backing underscores its growth trajectory.
In August 2023, the company unveiled its Personal banking product, aimed at supporting businesses using its services by offering banking solutions for their customers and employees. Through this product, individual users can access reliable cards, bank accounts for transfers, and bill payments.
Notably, Moniepoint is steered by a team of seasoned bankers and technologists dedicated to delivering a seamless and secure experience for all platform users.
With a mission to enhance financial well-being through technology, Moniepoint’s expansion endeavors across the African continent aim to address the financial needs of the unbanked and underserved population. The company envisions delivering financial services that surpass existing offerings in Europe and the United States.
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