Nigerian Digital Lender Payhippo Acquires Microfinance Bank

Source: Techcabal

Nigerian digital lender Payhippo has acquired Maritime Microfinance Bank, a financial institution that offers loans, supports investments and accepts deposits and savings. Although the Central Bank of Nigeria (CBN) is yet to approve this acquisition, Payhippo says this acquisition will enable them to directly access Nigeria’s Inter-bank Settlement System (NIBSS).

Maritime, founded in 2014, is a traditional financial institution that offers lending to micro businesses (which include freelancers, solo entrepreneurs, and side hustlers) and SMEs (which include businesses with up to 500 employees) in the maritime industry. But PayHippo’s acquisition of Maritime will help the MFB expand into new sectors.

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