Nigerian credit-led FinTech firm, Payhippo has announced plans to acquire a microfinance bank, the Maritime Microfinance Bank(MFB).
The company which recently opened an office in London works towards supporting SMEs in growing their fintech products and services.
If the acquisition is approved by the Central Bank of Nigeria (CBN), Payhippo will be able to have direct access to Nigeria’s Inter-bank Settlement System (NIBSS).
Zach Bijesse, Co-founder and CEO of Payhippo, while commenting on the development said that the firm will use the extensive knowledge from the bank’s employees to expand access to finance for SMEs through digital technology.
“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,”
Adetola Atekoja, Chairman of Maritime Microfinance Bank also added “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.”