Payhippo, a financial technology (fintech) lender to small and medium-sized enterprises (SMEs) in Nigeria, recently agreed to pay an undisclosed sum to acquire Maritime Microfinance Bank. Maritime was founded in 2014 and provides in-person loans and savings services to enterprises in Nigeria that have zero to 500 employees, mainly in the shipping and fishing industries.
Payhippo’s services are available via web browser as well as apps for Apple and Android mobile devices. Its acquisition of Maritime, which is pending regulatory approval, would allow Payhippo to offer deposit services to the 2,500 SMEs on its platform. It also would give the firm access to Nigeria Inter-Bank Settlement System (NIBSS), which links all licensed banks in the country.
Payhippo reports one-year revenue of USD 4 million, having issued 25,000 loans totaling NGN 15 billion (USD 34 million) since its launch in 2019.
Sources and Additional Resources
TechCabal article
https://techcabal.com/2022/11/01/payhippo-acquires-microfinance-bank-to-expand-its-service-offerings/
Payhippo homepage
https://payhippo.ng
Maritime homepage
https://www.maritimemfb.com
NIBSS
https://nibss-plc.com.ng
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