Kopo Kopo Inc., a Kenyan fintech company known for offering digital financial services, including unsecured short-term loans, to small and medium-sized enterprises (SMEs) in Kenya, is planning to sell all of its shares to Moniepoint Inc., a Nigerian and US-based fintech company that specializes in providing banking services to businesses. Kopo Kopo Moniepoint
The transaction’s price has not been made public, but The Competition Authority of Kenya has approved it after carefully examining the potential effects of the merger.
The consolidation is not projected to have any negative consequences on competition within the digital credit market, according to the authority, and there are no anticipated negative repercussions for the public interest as a result of the deal.
We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa. We are delighted to have taken the first step by securing regulatory approval for our plans to provide financial happiness to Kenyans and look forward to progressing the transaction. A further update will be given when appropriate.
Tosin Eniolorunda, Group CEO, Moniepoint Inc
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In their respective bases in Kenya and Nigeria, Moniepoint and Kopo Kopo provide some similar services. For instance, both fintech startups provide financing, tools for managing businesses, and financial services like savings and investing.
Over 33 million individuals use their cards on our POS terminals monthly across all local governments in Nigeria, where Moniepoint runs the country’s largest distribution network for financial services.
The company further asserts that every 30 seconds, on average, a new Moniepoint terminal is activated in Nigeria, increasing POS requests by 100%. Moniepoint handled more than one billion transactions worth a combined $43 billion in Q1 2023.
Ben Lyon and Dylan Higgins launched Kopo Kopo in 2010; to date, the company has earned $5.4 million in funding from Accion Venture Lab, Javelin Venture Partners, First Light Ventures, and Khosla Impact.
Moniepoint appears to be focusing on Kenya’s established mobile money industry, which is dominated by Safaricom’s M-Pesa service, as well as the MSME digital lending space in Kenya.
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