Kenya’s competition authority has given Moniepoint Inc. the go-ahead to acquire Kopo Kopo, a business-focused provider of credit and payment services.
Following the Competition Authority of Kenya’s clearance, Moniepoint (previously TeamApt) will continue to grow across the continent by extending its services to Kenya. One of the biggest business banking and payments platforms in Nigeria is handled by Moniepoint Inc.
“We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa and are delighted to have reached the milestone of securing regulatory approval for our plans.” CEO Tosin Eniolorunda said.
With Kopo Kopo, small businesses can accept payments made using mobile money, and Moniepoint appears to be targeting Kenya’s established mobile money sector, which is dominated by Safaricom’s M-Pesa service.
According to Crunchbase, Ben Lyon and Dylan Higgins launched Kopo Kopo in 2010. To far, the company has raised $5.4 million with funding from Accion Venture Lab, Havelin Venture Partners, First Light Ventures, and Khosla Impact.
