Fintech platform focused on bridging financial gaps for small and medium-sized businesses, Payhippo has announced the acquisition of Maritime Microfinance Bank (MFB).
Pending approval from the Central Bank of Nigeria, the acquisition will entail Payhippo retaining MFB’s team members who will contribute their in-depth experiences towards accelerating Payhippo’s growth.
Maritime Microfinance Bank will support Payhippo in achieving its mission to expand access to finance for SMEs through digital technology and also help the startup gain direct access to the Nigerian Interbank Settlement System (NIBSS).
On the other hand, MFB will 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.
The acquisition will also enable MFB to accept deposits from its customers and integrate with NIBSS allowing the fintech company to provide a more holistic experience for its fast-growing customer base.
Payhippo will 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.
Zach Bijesse, Co-founder and CEO of Payhippo, 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, added that 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.”
Payhippo affirms to have over 2,500 active SMEs on its platform, have disbursed over N15 billion to businesses of different scales and has over 10 industry partners.