Nigerian credit-led startup, Payhippo acquires Maritime Microfinance Bank, a microfinance bank that offers micro and SME loans.
The deal is however pending as both parties are waiting approval from the Central Bank of Nigeria. It is working together to obtain the regulator’s approval.
This acquisition will enable Payhippo to launch an array of products and services for its customers. It will also allow the loan company to grow its team with experienced professionals from the MFB team. An in-depth experience from the banking and finance sector will also be added.
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“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 revolutionise the SME financial service through digital innovation,” said Bijesse.
Speaking on this deal, Chairman of Maritime Microfinance Bank, Adetola Atekoja said,
“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 customised financial products for SMEs in the country. The team is incredibly talented, resilient and exudes excellent leadership. I am very excited to welcome them onboard and look forward to supporting them in achieving their goals,”
Payhippo was launched in January 2020 by Chioma Okotcha, Uche Nnadi amd Zach Bijesse. It provides loans to small businesses in Africa.
With it’s headquarter in Lagos, Payhippo’s vision is to reach Nigeria’s 40 million SME’s the with seamless financial services to run their businesses.
It was also reported that the company recently opened an office in London to attract Africans in the diaspora and global talent. This would support the team in Nigeria to grow the fintech’s products and services for SMEs in Nigeria.
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