Moniepoint Receives Regulatory Approval for Acquisition of Kopo Kopo to Expand Services in Kenya

The Competition Authority of Kenya (CA) has granted regulatory approval to Moniepoint Inc. for its acquisition of Kopo Kopo, a Kenyan company that offers payment services and credit to businesses. Moniepoint, formerly known as TeamApt, operates one of Nigeria’s largest business payments and banking platforms and is focused on expanding its services to new markets with mature banking and payments infrastructures. The acquisition of Kopo Kopo allows Moniepoint to enter Kenya’s mature mobile money market, which is dominated by Safaricom’s M-Pesa service.

Moniepoint’s CEO, Tosin Eniolorunda, expressed the company’s interest in Kenya and its mission to provide financial solutions to people across Africa. While details of the deal were not disclosed, the regulatory approval marks a significant step forward for Moniepoint’s expansion plans.

Kopo Kopo, founded in 2010 by Ben Lyon and Dylan Higgins, enables small merchants to accept mobile money payments from customers. The company has raised $5.4 million in funding from investors such as Accion Venture Lab, Havelin Venture Partners, First Light Ventures, and Khosla Impact.

The regulatory approval from the Competition Authority of Kenya was granted based on the assessment that the acquisition is unlikely to negatively impact competition in the digital credit market and will not raise negative public interest concerns. This acquisition signals Moniepoint’s strategic move to broaden its footprint across the African continent and tap into Kenya’s thriving mobile money ecosystem.

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