Connect with us

Banking

Payhippo Acquires Maritime Microfinance Bank to Boost SME Lending

Published

on

Payhippo

By Adedapo Adesanya

Nigerian credit-led SME fintech, Payhippo, has acquired Maritime Microfinance Bank (MFB), a financial institution specializing in saving products, demand deposits, and investments, as well as micro and SME loans.

The acquisition is pending approval from the Central Bank of Nigeria (CBN), 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).

Founded in 2014, Maritime was founded 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.

The acquisition will enable the microfinance bank 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.

According to Mr Adetola Atekoja, Chairman of Maritime Microfinance Bank, “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 customized financial 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.”

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.

“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 revolutionize the SME financial service through digital innovation,” said Mr Zach Bijesse, co-founder and CEO of Payhippo.

Payhippo’s acquisition of MFB will enable it to accept deposits from its customers and integrate with NIBSS allowing the fintech to provide a more holistic experience for its fast-growing customer base.

The acquisition will also allow Payhippo to facilitate the sending and receiving of inter-bank transfers for its merchants with the integration of NIBSS. This means merchants will soon be able to perform all key financial functions from their Payhippo app.

Payhippo says it has disbursed over 25,000 loans to small and medium enterprises in Nigeria. In the third quarter of the year, Payhippo distributed 6,726 loans seeing a 39 per cent increase from its 4,842 loan originations in quarter two. The company earns over $4 million in annualized revenue.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

Banking

GTCO’s N209bn Raise Sets Foundation for Accelerated Development—Agbaje

Published

on

Segun Agbaje GTCO

By Adedapo Adesanya

Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.

Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.

“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.

“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.

“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.

GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.

The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.

“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.

The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).

Continue Reading

Banking

Fidelity Bank Donates Maternity Kits to Pregnant Women in Lagos

Published

on

Fidelity Bank Saturday banking

By Modupe Gbadeyanka

No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.

The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.

It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.

“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.

“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.

“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.

“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.

One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.

“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.

“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”

Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.

The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

Continue Reading

Banking

Plot to Remove Otedola as Chairman Won’t Affect Our Services—First Bank

Published

on

First Bank Otedola

By Aduragbemi Omiyale

The management of First Bank of Nigeria (FBN) Holdings Plc has assured that the boardroom crisis rocking the company would not affect its operations.

Recall that a group of shareholders with 10 per cent equity stake in the financial institution asked for an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA for the removal of the chairman of the board, Mr Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Mr Julius Omodayo-Owotuga.

They argued that Mr Otedola, who owns Geregu Power, was plotting full control of FBN Holdings by planting his loyalists on the board.

The aggrieved shareholders pointed out that the businessman was planning to take charge of the proposed private placement of N360 billion shares of the firm, accusing him of removing those he felt were blocking his way.

To calm nerves, FBN Holdings issued a statement on Thursday, informing its stakeholders that the crisis does not pose a threat to its services.

“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.

“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.

“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.

“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the company’s rights issue which closed on December 30, 2024.

“FBN Holdings and its subsidiaries remain committed to the highest level of corporate governance,” the notice signed by its scribe, Mr Adewale Arogundade, said.

Continue Reading

Trending