Grace Ashiru
Payhippo, a Nigerian credit-led SME fintech company, has said that it wants to buy Maritime Microfinance Bank (MFB). This bank specializes in saving products, demand deposits, investments, and micro and SME loans.
The deal, which is more of an “acqui-hire,” will give Payhippo direct access to Nigeria’s Inter-bank Settlement System (NIBSS) and make it easier for small and medium-sized enterprises (SMEs) in Nigeria to get loans if the government approves it.
It will also let Payhippo add experienced professionals from the MFB team. These professionals will have a lot of experience in banking and finance, which will help Payhippo grow in the long run.
It will also allow Payhippo to expand its team with experienced professionals from the MFB team, bringing in-depth banking and finance experience that will be of long-term value to Payhippo’s growth.
Payhippo asserts that it has provided over 25,000 loans to small and medium businesses in Nigeria since its launch in August 2019 by Zach Bijesse, Chioma Okotcha, and Uche Nnadi.
Payhippo gave out 6,726 loans in the third quarter, 39% more than the 4,842 loans it gave out in the second quarter. The company makes more than $4 million every year. Last year, the company closed a $3 million seed round with the help of well-known angel investors and fintech founders in the African tech sector.
