Nigerian fintech proposes acquisition to expand SME lending

Nigeria’s credit-led SME fintech has announced the proposed acquisition of Maritime Microfinance Bank (MFB), a financial institution specialising in saving products, demand deposits, investments, and micro and SME loans. The bank has worked on specific lending products for SMEs to empower entrepreneurs in maritime and other sectors of the micro economy. The deal is subject to regulatory approval.

Commenting on the deal, Zach Bijesse, Co-founder and CEO of Payhippo, mentioned that the deal would enable Payhippo to have direct access to Nigeria’s Inter-bank Settlement System (NIBSS).

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