Banking
Payhippo Acquires Maritime Microfinance Bank to Boost SME Lending
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.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
