Nigerian digital-loan company, Payhippo has recently proposed the acquisition of Maritime Microfinance Bank (MFB), a financial institution which specialises in saving products, investments and SMEs loans.
Payhippo is a Nigerian SME-focused fintech startup which provides seamless financial services for African SMEs. The company was founded by Chioma Okotcha, Uche Nnadi and Zach Bijesse to provide loans to Nigerian small businesses. The fintech company which was launched in 2019 has disbursed over 25,000 loans to SMEs in Nigerians and annually earns over $4 million in revenue.
Maritime was established in 2014 and it offers specific lending services to small businesses in order to empower entrepreneurs in the maritime industry and other sectors of the economy. Following this acquisition, MFB will expand its products and services to reach a wider range of SMEs from different sectors.
However, according to Nairametrics, the deal awaits the approval of the Central Bank of Nigeria as both parties are working together to obtain the regulator’s approval.
By reason of the acquisition, Payhippo plan to retain the talents in Maritime Microfinance Bank (MFB) by growing it’s team with the experienced professionals from the MFB team thereby acquiring more experience from the banking and finance sector that will be of great value to sustain the growth of Payhippo.
The CO-founder and CEO of Payhippo, Zach Bijesse stated the deal would help Payhippo to have direct access to Nigeria’s Inter-Bank Settlement System (NIBSS).
Zach Bijesse also said, “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”.
According to the Chairman of Maritime Microfinance Bank, Adetola Atekoja, “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”.
Furthermore, Payhippo has seen immense organisational growth as the company has opened an office in London to attract Africans in the diaspora. The company has employed the services of Dami Olawoye as its Head of Corporate Finance to fund its loan books for its credit-led business model by tapping into the global capital market.