First Ally Capital Limited has acquired a 60 percent equity stake in Mines.io Nigeria, operating under the brand name Migo, a FinTech company focused on leveraging Ai and ML to provide credit solutions to financially underserved communities.
The acquisition, which marks a major milestone for the financial services group, aligns with First Ally’s strategic objective to drive the application of technology in the delivery of financial services to a larger proportion of the population. Migo’s platform has played a vital role in enabling digital lending through innovative credit scoring and seamless access to credit for individuals and small businesses.
Ebenezer Olufowose, Group Managing Director of First Ally Capital, described the acquisition as a logical next step in a longstanding relationship.
“We are delighted with this significant milestone that has strengthened our long-standing relationship with Migo. As one of its seed investors and strategic partners in achieving product/market fit, we have watched the company grow into a key player in the digital lending ecosystem. This acquisition strengthens our commitment to innovation and to expanding financial inclusion through responsible technology.”
Also commenting, Winston Osuchukwu, Chief Executive Officer of Mathesis Analytics, which previously owned 100 percent equity stake in Migo Nigeria, added:
“This partnership with First Ally marks an exciting new phase for Migo Nigeria and Mathesis Analytics. The Group brings a strong institutional platform and deep market understanding to serve the underserved segment of the Nigerian market. The transaction will also enable Mathesis Analytics focus on continuing to optimize our algorithms and models. We are confident that this collaboration will create significant value for clients and partners across the country.”
The signing ceremony took place at First Ally Capital’s headquarters at Ajose Adeogun Street, Victoria Island, Lagos. The transaction was completed following receipt of approval from the Federal Competition & Consumer Protection Commission (FCCPC) and the signing of definitive agreements.
Migo will continue to operate independently under the First Ally Group.
