Nigerian Fintech Payhippo Acquires Maritime Microfinance Bank

Nigerian credit-led SME fintech, Payhippo has acquired Maritime Microfinance Bank (MFB) to enable its users to accept deposits from its customers and integrate with NIBSS. The acquisition is pending approval from the Central Bank of Nigeria and both parties are working together to obtain the regulator’s approval.  This will also enable Payhippo to have direct access to Nigeria’s Inter-bank Settlement System (NIBSS).

Maritime seeks to provide quality and tailored financial products and services to meet the needs and expectations of every Nigerian.  The bank has worked on specific lending products for SMEs to empower entrepreneurs in maritime and other sectors of the micro economy. This acquisition will enable 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.

Through this acquisition, Payhippo will grow its team with experienced professionals from the MFB team, adding in-depth experience from the banking and finance sector that will be of sustainable value to Payhippo’s growth. The extensive knowledge from the bank’s employees will help Payhippo continue its mission to expand access to finance for SMEs through digital technology.