Moniepoint Inc has appointed Rose Muturi, former Branch Kenya CEO, as the chief executive for Kenya, as the Nigerian fintech unicorn bolsters its expansion strategy in East Africa following the acquisition of Sumac Microfinance Bank earlier in the year.
The Nigerian fintech, in an emailed response on Tuesday, confirmed the appointment, stating that Muturi has been brought on board to oversee the company’s strategic direction and not to manage its new local subsidiary.
The appointment suggests that the unicorn is moving from securing a regulatory foothold in East Africa’s biggest economy to building a banking business. The acquisition of Sumac gave the company the licence required to operate in the market, but expanding operations will require local banking expertise as competition intensifies among banks, fintechs, and mobile money platforms.
“We can confirm that Rose Muturi has joined Moniepoint Inc. as CEO to lead our Kenya operations, driving the group’s strategic direction in the country rather than managing a standalone subsidiary,” Edidiong Uwemakpan, Moniepoint’s vice president for corporate affairs, said in a statement. She added that Muturi is employed by Moniepoint Group, while Sumac Microfinance Bank “is a separate entity with its own leadership team.”
Muturi joined Moniepoint in June, according to her LinkedIn profile. Before joining Moniepoint, Muturi spent more than four years at Branch, rising from East Africa managing director to chief executive of Branch Kenya. During her tenure, Branch became a neobank after acquiring Century Microfinance Bank, using its licence to expand beyond digital lending into broader banking services.
Muturi has also held senior leadership positions at HF Group, Tala, TransUnion Kenya, Chase Bank, and Standard Chartered Bank. She founded the Digital Lenders Association of Kenya and serves on the board of the Association of Microfinance Institutions Kenya.
Expanding beyond payments
While Moniepoint has disclosed a few details about its Kenyan strategy, its recent acquisitions suggest ambitions beyond payments. Sumac holds a deposit-taking microfinance banking licence, allowing it to mobilise deposits and extend credit.
Combined with the appointment of an executive experienced in running a regulated digital bank, the acquisition gives Moniepoint both the regulatory infrastructure and local management needed as it expands beyond payments in Kenya.
Shortly before completing the Sumac deal, the company also acquired restaurant software provider Orda, extending its push beyond payments into software, lending, and banking services for small businesses.
In Nigeria, Moniepoint offers merchant payments, banking, credit, and business management tools through a single platform, a model it could replicate in Kenya.
The company also appears to be building out its Kenyan team. Its careers page currently lists tens of open positions globally, including roles in Nairobi such as People Business Partner, Financial Planning Analyst, and Head of Product Control and Accounting, suggesting it is assembling the local leadership needed to support its expansion.
“Moniepoint is building capacity in Kenya as it works to bolster its strategy in the market,” Uwemakpan said.
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