The Nigerian fintech Payhippo, which specializes in fast loans, has announced the acquisition of the majority of the shares of Maritime Microfinance Bank (MFB), a financial institution specializing in savings products, demand deposits among others. The agreement is subject to the approval of the relevant regulatory authorities.
“This agreement would allow Payhippo to have direct access to the Nigerian Interbank Settlement System (NIBSS). Thanks to this acquisition, the startup will be able to benefit from a great experience in the banking and financial sector. And suddenly will be able to continue its mission to expand access to finance for small and medium-sized enterprises (SMEs) through digital technology,” said Zach Bijesse, co-founder and CEO of Payhippo.
For his part, Adetola Atekoja, President of the MFB, hinted that this acquisition will allow the bank to benefit from Payhippo’s expertise to develop new personalized financial products for SMEs, which have a high financing need.
Faced with the rise of the loan market in Nigeria with more than 40 million SMEs, Payhippo is fully involved in financing businesses.
According to the latest statistics, the structure has granted 25,000 loans to SMEs operating in the country. In the third quarter of the year, Payhippo distributed 6726 loans, against 4842 loans issued in the second quarter, an increase of 39%. The company earns over $4 million in annualized revenue.