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.”
