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Moniepoint Secures CAK Approval to Acquire 78% Stake in Sumac Microfinance Bank, Eyes Kenyan Expansion

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Nigerian fintech unicorn, Moniepoint Inc., has moved closer to establishing a formal presence in Kenya’s financial ecosystem after receiving approval from the Competition Authority of Kenya (CAK) to acquire a 78% stake in Sumac Microfinance Bank Limited.

The deal which awaits final approval from the Central Bank of Kenya (CBK), allows Moniepoint to enter Kenya’s $67.3 billion mobile payments market.

A Moniepoint spokesperson confirmed:

“Regulatory approval has been received from the Competition Authority of Kenya for a potential transaction with Sumac Microfinance Bank. Further updates will be given as appropriate.”

If completed, the acquisition would provide Moniepoint with a regulatory shortcut into the Kenyan market, granting immediate access to an operational microfinance bank in one of Africa’s most vibrant and competitive financial landscapes.

Sumac Microfinance: A Rising Local Player in Kenya

Established in 2002 and granted a deposit-taking license in 2012, Sumac Microfinance Bank currently holds a 4.3% market share with over 43,000 active loan accounts.

The bank has consistently been awarded since 2018, which shows a remarkable trajectory of progress. Sumac was awarded the 2nd Fastest-Growing Microfinance Bank in Kenya, marking its first major recognition at the Think Business Banking Awards in 2018.

This highlighted its rapid expansion in terms of market outreach, clientele growth, and product development. The bank’s loan book grew from Ksh458 million to Ksh850 million, and deposits increased from Ksh135 million to Ksh500 million within three years, showcasing significant financial growth.

Fast forward to 2025, Sumac was recognized for its consistent performance, emerging as the 2nd runner-up in the “Overall Best Microfinance Banks in Kenya” category at the 2025 and 2024 Think Business Banking Awards.

Licensed by the CBK, Sumac serves SMEs across Kiambu, Nairobi, and Nakuru counties, offering funding, training, and a strong customer experience. The bank offers a broad range of products tailored to business needs, including the Inua Biashara Business Loan, which supports micro and small business owners in meeting working capital needs and improving cash flow.

This loan is accessible to businesses without formal registration, such as general shops, hardware stores, Jua Kali artisans, and agribusiness traders, making it inclusive and impactful.

Sumac’s mission is to provide financial solutions that transform businesses and livelihoods and impact lives,” and its vision is to be the premier financial solutions provider that has been central to its operations.

Despite being a medium-sized player in a market dominated by five microfinance banks that control over 80% of the sector, Sumac presents Moniepoint with an attractive entry point, to compete with other players.

Moniepoint Strategic Growth via Acquisition of Sumac

Moniepoint’s move to acquire a 78% stake in Sumac Microfinance Bank Limited, exemplifies a broader trend among fintechs aiming to sidestep the lengthy process of establishing new operations by acquiring already regulated institutions.

By acquiring a licensed microfinance bank with a 4.3% market share, $23 million in assets, and over 43,800 active loan accounts, Moniepoint gains immediate access to Kenya’s financial ecosystem. This avoids the time-consuming and costly process of securing a new banking license, enabling faster market penetration.

Also, Sumac’s existing customer base, which includes SMEs, and its service offerings such as loans, deposits, and money transfers, provide Moniepoint with a ready platform to deploy its digital banking and payment solutions. This infrastructure allows Moniepoint to serve Kenyan businesses efficiently, aligning with its core focus on SME and merchant financial services.

Notably, Moniepoint’s expertise in digital payments and banking, honed in Nigeria’s competitive fintech landscape, complements Sumac’s microfinance operations. Integrating Moniepoint’s tech stack could modernize Sumac’s offerings, improve efficiency, and expand its reach, particularly in underserved SME and retail segments.

The acquisition of Sumac follows Moniepoint’s unsuccessful bid to acquire Kenyan fintech KopoKopo in 2023, signaling a deliberate pivot to alternative targets to achieve its East African ambitions.

Headquartered in the U.S. but operating primarily from Nigeria, Moniepoint—through its subsidiaries, has built a strong reputation in the digital banking space. This move marks the beginning of the company’s East African expansion, starting with microfinance.

All eyes now turn to the CBK for the final regulatory decision that could pave the way for Moniepoint’s official entry into the Kenyan market, where mobile payments and financial inclusion are key drivers.

Casinos and Entertainment: Beyond the Games

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Fans of betting sites who like to find new ways to place wagers might visit onlinekazinoazerbaijan.org for odds. This site outlines helpful tips before someone decides on wagering. Those who lean toward an online casino sometimes turn to casino uz for advice that can shape a future casino review.

Modern casinos have grown beyond rows of slot machines. They now offer bright lights, lively music, and friendly conversation. The moment a person steps inside, a rush often grabs their attention. That excitement is rooted in colorful decor, unique attractions, and the chance to see a famous performer.

Still, playing cards or spinning reels isn’t the only draw. Many people visit these places for celebrations, special gatherings, and relaxation. Some come for the dining, while others attend grand shows. It’s a space where friends can gather, share laughs, and make new memories. From casual meetups to wild nights, there is a rich social life at every turn.

Unique Shows and Live Acts

Many casinos host live concerts, stand-up comedy, and theatrical performances. These acts transform a simple gambling spot into a vibrant stage for all. From well-known singers to local talent, there’s often something for everyone. Some visitors might pick a night just to catch a comedian or watch a late-night music set.

Such shows add color to a standard gaming floor. The applause and laughter pulse through the crowd, fusing that spirit of excitement with a live performance. This creates a bond among the audience. Shared laughs and cheers can shift a person’s mood, even if they’ve never played a single slot machine.

Some folks pick their casino trip based on who’s performing. These events may act as a focal point for a getaway with friends. It’s about more than hoping for a jackpot. It’s the chance to sing along to a favorite tune or laugh until tears come. This mix of entertainment fosters an atmosphere that keeps people upbeat and engaged.

Dining Adventures

Food is a big part of the casino draw. Many places feature buffets with dishes from different regions, while others boast high-end restaurants. Folks can find well-known chefs, specialty menus, and cooking styles that spark new tastes. It’s easy to spend an evening exploring fresh flavors before playing a round of cards.

Beyond the table games, diners might pair fine wines with exquisite meals. Casual eaters can find quick bites or snack bars that let them grab something tasty between sessions. This mix means there’s an option for every mood. People might try top-notch cuts of steak, spicy noodles, or sweet treats in one outing.

While some restaurants sit right on the main floor, others have a more secluded vibe. That escape can be a welcome break from the clamor. A calm dining nook helps guests recharge. Sharing a meal is also a social moment, perfect for recounting funny wins or near-misses. Food brings everyone together, whether they’re celebrating success or taking a short break.

Family-Friendly Activities

Casinos aren’t just for adults anymore. Some complexes include arcades, bowling alleys, or even small theaters. Families might spend an afternoon exploring kid-friendly games while parents sneak in a quick round of poker. This broad approach lets all ages enjoy an afternoon or evening together.

Certain resorts feature shows that cater to children, like magic acts or funny clowns. These keep younger guests excited while older visitors get a change of pace. Some casino hotels also offer pools or mini golf, so no one feels left out.

By providing safe and supervised fun, these places appeal to a wider audience. Parents can relax knowing their kids have a secure area where they can play and explore. Many folks plan family trips around a casino stay, turning it into a short vacation. A balanced mix of activities helps everyone find their niche. After all, it’s nice to let the kids enjoy a splash in the pool before parents hit the slots for a bit of grown-up excitement.

Looking Ahead

Technology keeps changing the way casinos function. Some spots offer virtual reality experiences or interactive touch screens to keep players engaged. These new advancements pull in curious minds and add fresh layers of fun. It’s not just about standard table games anymore.

Operators are also looking at ways to expand live events. More well-known stars, bigger stage setups, and improved audio systems could become the norm. Gamers may see fresh twists on old classics, like digital blackjack tables that track each bet with accuracy. This future likely involves a balance between tradition and modern thinking.

Some casinos might even branch out into festivals or outdoor concerts. That way, guests can move beyond the main building and experience music or special events under open skies. The aim is to create a hub of excitement that draws newcomers and veterans alike. Whether it’s a themed party or a top-tier show, there’s a bright outlook for those seeking a break from the everyday. Casinos will keep changing to meet these growing demands.

Is Lightchain AI the Next 100x Token? Whales Leave Shiba Inu for AI-Backed Blockchain Innovation

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As Shiba Inu’s momentum slows and speculative buzz fades, whales are beginning to reposition—this time toward a project with deeper fundamentals; Lightchain AI. With $20.8 million already raised in its presale and a fixed token price of $0.007, Lightchain AI is quickly gaining recognition as a serious contender for the next 100x run.

Rather than relying on hype, the project is built on real-world utility and intelligent infrastructure tailored for next-gen decentralized applications. As capital moves from meme coins to meaningful innovation, Lightchain AI stands out as the smarter choice—and early buyers are betting big that this shift is just beginning.

Shiba Inu Sees Outflows as Whale Confidence Shifts

Shiba Inu (SHIB) is seeing massive outflows as whale investors offload some of their holdings, which suggests that?the market sentiment has changed. Recent data shows SHIB whales dumped about 801 billion tokens on a single day, posting a 343 per cent increase in outflows?from previous day. “This heavy dumping has caused the netflow of -256.9B SHIB and it is such a?bearish behavior for the large addresses.”

Showing the dwindling whale action is a 311% drop in?whale netflows and a 68% fall in active addresses since Dec 2024. Indeed, whale trades have fallen by a staggering 70%, indicating decreased optimism amongst the?institutional class.

These factors have added downward pressure?on SHIB’s price, which is at the $0.00001449 level as of writing. The large-scale unwinding and low volume on the markets imply that SHIB is likely to move higher unless fresh reasons are found and a?recovery in confidence happens.

Lightchain AI Gains Traction With Its AI-Driven Ecosystem

Lightchain AI is gaining strong traction as it delivers on the promise of an AI-driven blockchain ecosystem designed for real utility. Its architecture integrates the Artificial Intelligence Virtual Machine (AIVM), enabling on-chain execution of machine learning tasks, inference, and data processing at scale.

Developers are drawn to its seamless workflows, gas-optimized design, and dynamic pricing model, which ensure efficient, cost-effective deployment. The Proof of Intelligence consensus shifts validation from raw computation to meaningful AI work, incentivizing useful contributions.

With a robust developer portal and grants funded by the reallocated 5% Team Allocation, Lightchain AI is actively onboarding creators and innovators. As the Bonus Round continues, the ecosystem’s real-world applications and performance focus are setting it apart from hype-driven projects in the space.

100x Question- Why All Eyes Are on Lightchain AI

Everyone’s asking the same thing: where’s the next big opportunity? Smart money keeps landing on Lightchain AI—and for good reason. With true AI integration, slashed gas fees, and over $20.8 million raised, this isn’t just another presale; it’s a movement with purpose. Builders are already building, tools are live, and grants are fueling innovation.

While others chase the hype, Lightchain AI is creating the foundation for the future. This isn’t a gamble—it’s a game-changer. If you’re looking ahead, Lightchain AI is the answer you’ve been waiting for.

https://lightchain.ai

https://lightchain.ai/lightchain-whitepaper.pdf

https://x.com/LightchainAI

https://t.me/LightchainProtocol

Acting Like Junior-Level Coworker: Altman Bets on AI to Soon Be Able to ‘Discover New Knowledge’, Solve Business Problems

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OpenAI CEO Sam Altman says artificial intelligence is fast becoming more than just a digital assistant — it’s now acting like a junior-level coworker and could soon cross into the realm of actual discovery.

Speaking Monday at the Snowflake Summit 2025, Altman told Snowflake CEO Sridhar Ramaswamy that AI agents are already performing tasks in ways that mirror early-career employees.

“You hear people that talk about their job now is to assign work to a bunch of agents, look at the quality, figure out how it fits together, give feedback — and it sounds a lot like how they work with a team of still relatively junior employees,” Altman said.

But Altman suggested something deeper is on the horizon. “I would bet next year that in some limited cases, at least in some small ways, we start to see agents that can help us discover new knowledge, or can figure out solutions to business problems that are kind of very non-trivial,” he added.

That vision marks a stark shift in how AI is perceived — not just as a tool, but as a collaborative partner capable of making original contributions. Altman’s remarks arrive as OpenAI continues to push the limits of generative models, with its GPT-4.5 hailed as the first version that feels “like talking to a thoughtful person.” The model, released in February, is currently restricted to Pro subscribers due to a global GPU shortage, though Altman hinted at broader access once infrastructure bottlenecks ease.

OpenAI has also introduced Codex, a multitasking AI agent that automates software development tasks like writing code, debugging, and testing. Already in use by OpenAI engineers, Codex is designed to interface with external software, meaning it can complete complex workflows like booking a reservation — hinting at a future where AI assistants handle both backend and real-world functions.

Corporate Adoption Signals a Shift in Workforce Structure

The potential of AI is already reshaping employment. Companies like Shopify now require managers to justify why a position can’t be filled by AI before they are allowed to recruit. Duolingo recently said it would replace some of its contract staff with AI systems.

Economist Zanele Munyikwa of Revelio Labs shared data showing that AI is already eating into the demand for certain roles. Speaking to Business Insider, she revealed that the share of AI-doable tasks in job postings has declined by 19% over the past three years, especially since the release of ChatGPT in late 2022. The drop is even steeper — up to 31% — in professions most vulnerable to automation, such as database administrators and IT specialists.

This hiring slump reflects growing confidence among firms that AI systems can handle routine technical tasks more efficiently and cheaply. That trend is accelerating even before Altman’s forecasted breakthrough: agents that not only execute instructions but independently uncover insights and solve high-level problems.

Altman’s bet on AI agents as discoverers of new knowledge hints at a broader revolution in research, development, and decision-making. If realized, it could mean that teams lean more heavily on autonomous systems for innovation, not just execution.

However, this evolution raises deep questions about how organizations balance AI efficiency with human employment — and whether the rapid rollout of agents like Codex and GPT-4.5 will further tilt that balance.

Altman, who has previously warned of both the promise and perils of artificial intelligence, seems to be signaling that the next chapter is here: one where humans no longer just use machines to find answers — but work alongside them as partners in thought.

Nigeria’s Business Performance Index Posts Fifth Consecutive Growth in 2025, But Deep Structural Fault Lines Threaten Sustainability

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Nigeria’s Business Performance Index (BPI) has recorded its fifth straight month of growth in 2025, pointing to a continued — albeit cautious — rebound in private sector activity.

The index for May 2025 stood at +9.78, showing a modest expansion in business conditions, though down from the +12.29 recorded in April. The performance marks a continuation of the positive trajectory seen since January, which began with a BPI of +3.24 and has climbed gradually despite deepening macroeconomic and structural constraints.

The data, published in the latest NESG-Stanbic IBTC Business Confidence Monitor (BCM) released in June 2025, is captured under the title “Enduring Infrastructure and Financial Conundrum Constraint Business Growth.” The report paints a mixed picture — one that reflects increasing optimism in some sectors but signals a slow, uneven recovery marked by persistent bottlenecks in power supply, financing, and security.

Sectoral Breakdown: Manufacturing Gains, Agriculture Contracts

Sector-specific performance in May showed that Non-manufacturing maintained the strongest momentum, recording an index of +22.19. This was followed closely by Manufacturing (+14.43), Trade (+14.13), and Services (+4.49). While these sectors sustained positive territory, all except manufacturing experienced a slowdown from April, highlighting emerging fatigue across business operations.

The Manufacturing sector was the only segment to resist the downward trend. Its resilience was attributed to relatively stable demand, ongoing capacity utilization, and the adaptive strategies of producers in the face of rising costs and infrastructural hurdles.

By contrast, the Agriculture sector posted a negative index of -1.77, worsening from April’s already weak figures. Respondents cited climate change-related disruptions as the primary factor: erratic rainfall, prolonged droughts, and shorter wet seasons have compromised planting and harvest cycles. These climate stressors have further exposed the structural fragility of Nigeria’s agricultural value chain, which already suffers from limited mechanization, weak irrigation infrastructure, and poor access to financing.

Sub-Indices Indicate Slowing Momentum and Investor Apathy

While the overall index remained positive, a deeper look at sub-indicators reveals a softening in business optimism. The cost of doing business fell to +38.54 in May from +51.79 in April, showing that operational pressure has increased — especially in areas such as energy, logistics, and rent.

One of the most alarming shifts was in investment confidence, which plunged to -25.61. This sharp fall suggests that business leaders are holding back on long-term capital commitments due to heightened uncertainty and a lack of faith in near-term policy direction. Similarly, price level indicators dropped to -18.15, hinting at either lower sales margins or reduced pricing power across several industries, possibly linked to weaker consumer demand amid inflation.

Despite these setbacks, there were improvements in production levels, cash flow, operating profits, and employment, suggesting that businesses are finding ways to stay afloat — even as their margins narrow and future prospects dim.

Constraints of Power, Finance, Insecurity, and FX Crunch

The ranking of business constraints in May remained largely unchanged from previous months. Inadequate power supply continues to rank as the most severe impediment to growth. Respondents across sectors complained of frequent outages, excessive dependence on diesel and petrol generators, and surging energy costs that are eating into profits.

Access to finance also remains a structural bottleneck. While interest rates remain elevated, businesses — especially small and medium enterprises — face difficulty in securing working capital or expansion credit from banks, which continue to tighten lending conditions amid macroeconomic uncertainty.

The cost of commercial property in major cities such as Lagos, Abuja, and Port Harcourt was flagged again as a major operational strain. High lease rates, coupled with taxes and service charges, have forced some businesses to scale down physical operations.

Currency instability and foreign exchange scarcity further complicate the outlook for import-dependent firms. Many companies reported difficulties in sourcing FX for raw materials, machinery, and inputs, resulting in delays, rising production costs, and shrinking inventories.

A key drag on economic activity is insecurity, which remains acute in the North East, North West, and parts of the Middle Belt. Armed banditry, kidnapping, and communal violence have disrupted supply chains and deterred investment. Several firms, particularly those in logistics, agribusiness, and retail, reported that deteriorating security had made operations costlier and less predictable.

The inconsistent policy environment also drew criticism. According to the BCM report, frequent regulatory changes, lack of clarity on fiscal direction, and mixed signals from monetary authorities are undermining long-term business planning.

Fragile Growth Amid Deepening Risks

The continued rise in the Business Performance Index is encouraging but deceptive. Beneath the positive headline figure lies a fragile recovery that remains vulnerable to systemic threats. The Nigerian Economic Summit Group (NESG), in its commentary, warned that without urgent structural reforms, the private sector may not sustain its current growth streak.

With a nationwide unemployment rate still high and inflation continuing to erode purchasing power, analysts caution that improved performance in BPI must be viewed in the context of declining investment, limited productivity gains, and persistent uncertainty.

Outlook for the Rest of 2025

As the second half of the year approaches, Nigeria’s business environment faces a test of resilience. If government interventions — particularly around power sector reforms, improved credit support for MSMEs, and a coordinated security response — are not accelerated, the private sector’s ability to drive growth may falter.

For now, however, the five-month streak offers a cautious sign that businesses are adapting and staying afloat, even in one of the most challenging economic landscapes Nigeria has seen in years.