Payhippo, a Nigerian SME-focused fintech startup, has acquired Maritime Microfinance Bank (MFB), a financial institution specializing in saving products, demand deposits, investments and SME loans.
A statement seen by Nairametrics said the deal is still pending approval of the Central Bank of Nigeria. The parties are working together to obtain the regulator’s approval.
Payhippo to retain Maritime MFB’s talents: The statement by the company explained that Payhippo will subsequently grow its team with experienced professionals from the MFB team. The professionals will contribute their in-depth experiences towards accelerating Payhippo’s growth.
Specifically, the extensive banking knowledge of the employees from Maritime Microfinance Bank will help Payhippo to continue its mission to expand access to finance for SMEs through digital technology.
Direct access to NIBSS: Note that the acquisition will enable Payhippo to gain direct access to the Nigerian Interbank Settlement System (NIBSS).
Commenting on the deal, the Co-founder and CEO of Payhippo, Zach Bijesse, said:
- “At Payhippo, our mission is to provide seamless financial services for merchants throughout Africa. We are making this investment to enhance products and services for our customers and in turn enable us to reach a wider customer base. We are very excited to work with Maritime Microfinance Bank to revolutionize the SME financial service through digital innovation.”
The Chairman of Maritime Microfinance Bank, Adetola Atekoja, also commented on the deal saying:
- “Nigeria has an ever-growing need for SME lending solutions to help businesses meet their financial needs. We believe Payhippo is well-positioned to develop new and customized financial products for SMEs in the country. The team is incredibly talented, and resilient and exudes excellent leadership. I am very excited to welcome them onboard and look forward to supporting them in achieving their goals.”
More details You should know: Maritime MFB was established in 2014 and has worked on specific lending products for SMEs to empower entrepreneurs in maritime and other sectors of the micro economy.
This acquisition will enable the MFB to expand its product and services in line with Payhippo’s goal to reach a wider range of SMEs from different sectors by providing access to quick and seamless financing.
Payhippo’s acquisition of MFB will enable it to accept deposits from its customers and integrate with NIBSS allowing the fintech to provide a more holistic experience for its fast-growing customer base. The acquisition will also allow Payhippo to facilitate the sending and receiving of inter-bank transfers for its merchants with the integration of NIBSS. This means merchants will soon be able to perform all key financial functions from their Payhippo app.
