• Friday, June 21, 2024
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BusinessDay

Moniepoint secures approval to buy Kenyan fintech Kopo Kopo

Family businesses will remain key to Nigeria’s economic, cultural identity – Moniepoint

Moniepoint, a Nigerian and African-focused fintech company has received approval for 100 percent acquisition of Kenyan fintech company, Kopo Kopo. Moniepoint also confirmed to BusinessDay that it has received approval from the Competition Authority of Kenya (CAK).

“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa,” the company said. “We are delighted to have taken the first step to secure regulatory approval for our plans to provide financial happiness to Kenyans and look forward to progressing the transaction.”

Read also: Moniepoint gets personal, expands from terminals to debit cards

According to a statement from the CAK, the approval was based on the key considerations during the merger analysis; first, the transaction is unlikely to negatively impact competition in the market for digital credit, and second, the transaction will not elicit negative public interest concerns.

Kopo Kopo was founded in 2011 in Nairobi, Kenya, by Ben Lyon and Dylan Higgins. It provides digital payment solutions, access to credit, and other business tools through integrated software. Its services include payment aggregation, business-to-business payments, merchant cash advances, business intelligence, and more.

“Moniepoint and Kopo Kopo are complementary in so many ways. Similar visions, similar obsession with solving merchant challenges. I’m thrilled about this acquisition. There’s almost no limit to the heights we can achieve together,” said Ben Lyon, co-founder of Kopo Kopo. “And, most importantly, I’m thrilled about what this means for my former teammates. They deserve the fruits of their success.”