Nigeria, June 4 -- Nigeria's fintech company Moniepoint got a key regulatory approval to acquire a 78 per cent controlling stake in Nairobi-based Sumac Microfinance Bank Limited, according to a statement by the Competition Authority of Kenya on Monday.

In granting unconditional approval, the authority noted that the deal is not likely to impact competition negatively "in the market for the provision of microfinance banking services in Kenya, nor elicit negative public interest concerns."

Expanding into Kenya clears the path for Moniepoint to scale its digital banking and payments offering in one of the key financial hubs in East Africa.

Moniepoint, which attained a unicorn status earlier this year after raising $110 million in a Series...