• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home African

Nigerian Online Lender, Payhippo Acquires Maritime Microfinance Bank

Ayoola by Ayoola
November 2, 2022
in African, Fintech, Start Up
Share on FacebookShare on Twitter


Nigerian startup, Payhippo in a move to expand its product offering has acquired Maritime Microfinance Bank (MFB), in a deal subject to the Central Bank of Nigeria (CBN) approval.

Payhippo, a AI-driven digital lender in a statement said the latest acquisition will enable it to directly access Nigeria’s Inter-bank Settlement System (NIBSS).

Founded in 2014, Maritime MFB is a financial institution that lends funds to micro businesses and SMEs to enable have a stable financial standing in their ventures. The acquisition of the bank by Payhippo is expected to help the Micro Finance Bank expand into new sectors.

The acquisition will also help Payhippo merchants to accept deposits, and also send and receive money across various commercial banks in Nigeria, while enabling it launch an array of products and services for its teeming customers.  The Lagos-based startup is also expected to grow its team with the infusion of professionals from the Maritime team, in the process adding in-depth experience from the banking and finance sector.

Launched in 2019 by Chioma Okotcha, Uche Nnadi, and Zach Bijesse, Payhippo with the mandate of providing Nigerian small business credit access and since its inception has  received $4.1 million in Venture Capital funding. Payhippo has since then disbursed over 25,000 loans to small and medium enterprises in Nigeria, even as it annually earns over $4 million in revenue. 

“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 revolutionise the SME financial service through digital innovation,” says Payhippo CEO and Co-founder, Zach Bijesse.

The Chairman of Maritime MFB, Adetola Atekoja while speaking on the deal said:

 “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 customisedfinancial 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”.

As the two firms await the CBN approval green light to finalisethe deal, Maritime is expected to adopt the Payhippo’s corporate brand, with Payhippo also extending its digital services to existing Maritime customers. 

This is not the first time digital lenders will be acquiring physical MFBs. It would be recalled that Kenyan digital lender, Branch acquired Century Microfinance Bank May last year, a move that made it possible for the startup to receive deposits, while enhancing lending for individual use and SME customers.

Related Posts:

  • Unauth Profile Pictures- gmail
    African Digital Bank Umba Acquires Majority Stake In…
  • Umba Acquires Kenya’s Daraja MFB Owning 70% Shares Per the CBK Approval.
    Umba Acquires Kenya’s Daraja MFB Owning 70% Shares…
  • C-One-Ventures-Acquires-Bankly-750×375
    C-One Ventures Purchases Bankly, a Nigerian Fintech
  • Wn8ktkpTURBXy8wMTE2NWZkYjk3NDFhM2RhZjVjOWYzNThhOWMzMDM1ZC5qcGeSlQMAzHvND2DNCKaTBc0EsM0Cdg (1)
    Bankly Microfinance Bank Launch and New Product Introduction
  • Nigeria Records E-payment Transactions Worth ₦204.5…
  • Chioma-Okotcha-Rivy-COO-and-Dami-Olawoye-Rivy-CEO
    Payhippo Rebrands as Rivy, Seeks $4M for Sustainable Energy
  • memory cards
    Nigeria’s Fintech Indicina Secures $3 Million In A…
  • CBN-1
    4.8 Million Nigerians Were Registered For BVNs In…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: acquisitionfinancefintechmicrofinance bankpayhippo
Ayoola

Ayoola

Ayoola Faseyi, an Abuja based Journalist with interest in Technology and Politics. He is a versatile writer with articles in many renowned News Journals.He is the Co-Founder of media brand, The Vent Republic.

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

subscription from
Loading

Freshly Squeezed

  • AI Helps Google One Reach 150 Million Subscribers May 16, 2025
  • FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms May 16, 2025
  • MoonPay and Mastercard Partner to Advance Stablecoin Payments May 16, 2025
  • Google Gemini Advanced Users Can Now Link to GitHub May 16, 2025
  • TikTok Accused of Violating EU Internet Content Rules May 15, 2025
  • Activists and Users Criticize NCC & Telcos Over Customer Penalties May 15, 2025

Browse Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    

Quick Links

  • About TechBooky
  • Advertise Here
  • Contact us
  • Submit Article
  • Privacy Policy

Recent News

AI Helps Google One Reach 150 Million Subscribers

AI Helps Google One Reach 150 Million Subscribers

May 16, 2025
FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

May 16, 2025
MoonPay and Mastercard Partner to Advance Stablecoin Payments

MoonPay and Mastercard Partner to Advance Stablecoin Payments

May 16, 2025
Google Gemini Advanced Users Can Now Link to GitHub

Google Gemini Advanced Users Can Now Link to GitHub

May 16, 2025
TikTok Accused of Violating EU Internet Content Rules

TikTok Accused of Violating EU Internet Content Rules

May 15, 2025
Activists and Users Criticize NCC & Telcos Over Customer Penalties

Activists and Users Criticize NCC & Telcos Over Customer Penalties

May 15, 2025
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • Artificial Intelligence
  • Gadgets
  • Metaverse
  • Tips
  • About TechBooky
  • Advertise Here
  • Submit Article
  • Contact us

© 2021 Design By Tech Booky Elite

Discover more from TechBooky

Subscribe now to keep reading and get access to the full archive.

Continue reading

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok