Afrigather Kopo Kopo, a Kenyan fintech startup that provides short-term enterprise loans, has appointed Dennis Ondeng as its new CEO. Monday’s management change comes 13 months after Kenya’s competitors authority permitted its proposed acquisition by Nigerian neobank Moniepoint Inc.
The corporate additionally named Chad Larson as chief monetary officer (CFO), whereas Kibet Yegon will resume as chief know-how officer (CTO). Rosemary Muyeshi was appointed chief threat officer (CRO).
“We’re assured that this dynamic management group will additional Kopo Kopo’s mission and proceed to ship options for companies in Kenya,” Kopo Kopo stated in an announcement.
Regardless of the management adjustments, Moniepoint informed TechCabal that the acquisition remains to be in progress.
“The transaction remains to be ongoing however hasn’t been accomplished but,” the corporate stated.
Kopo Kopo claims it has been worthwhile since its $2.1 million Sequence B increase in 2015. The corporate says its valuation is within the “low tens of hundreds of thousands,” declining to share particular numbers.
If accomplished, the acquisition would see Moniepoint broaden to Kenya.
Kenya’s regulators scrutinise competitors for transactions exceeding KES 1 billion ($7.7 million), suggesting that Moniepoint proposed acquisition of Kopo Kopo falls underneath its purview. The regulator permitted the acquisition in August 2023.
Kopo Kopo, with its community of 1000’s of small and medium-sized enterprise prospects, may make Moniepoint market presence in Kenya sound.
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