CEM REPORT, FINANCE | Payhippo has acquired Maritime Microfinance Bank (MFB), a financial institution specializing in saving products, demand deposits, investments and SME loans.
The deal which will grant Payhippo, a Nigerian SME-focused fintech startup, direct access to the Nigerian Interbank Settlement System (NIBSS) is still pending approval of the Central Bank of Nigeria.
Commenting on the deal, the Co-founder and CEO of Payhippo, Zach Bijesse, 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, also commented on the deal saying:
“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 in its statement noted that it will grow its team with experienced professionals from the MFB team.
“Specifically, the extensive banking knowledge of the employees from Maritime Microfinance Bank will help Payhippo to continue its mission to expand access to finance for SMEs through digital technology.”
Maritime MFB was established in 2014 and has worked on specific lending products for SMEs to empower entrepreneurs in maritime and other sectors of the micro economy.
This acquisition will enable the MFB to 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.