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

Access Bank Commits to Keeping Wigwe’s Vision on Death Anniversary

Published

on

Profile of Herbert Wigwe

By Adedapo Adesanya

Nigerian financial services institution, Access Bank Plc, has pledged to carry on the value and visions of its late chief executive, Mr Herbert Wigwe, who died one year ago in a helicopter crash in the United States.

Mr Wigwe, his wife Doreen, and son, Chizi alongside Mr Abimbola Ogunbanjo, the former group chairman of Nigerian Exchange (NGX) Group Plc also died in the crash in 2024.

The chopper, a Eurocopter EC 130, crashed near Nipton on February 9, 2024, on the edge of the Mojave Desert Preserve, when heading to Las Vegas where the victims were going to watch the Super Bowl.

The ill-fated helicopter left Access Bank without its visionary leader and the Herbert Wigwe family without their parents and brother and the Ogunbanjo’s without their patriarch.

In a post on X, formerly Twitter, the institution said, “Today marks one year since the world stood still for us. On this day, we lost Herbert, Doreen, and Chizi—three remarkable souls who left an indelible mark on our lives and our hearts.

“One year later, we still feel the void, but we also feel the weight of their legacy—one that challenges us to be better, do better, and strive for greatness.

“As we reflect, we carry forward the values they instilled and honor their memories by walking the path they paved for us.”

Access Corporation is headquartered in Lagos, Nigeria and operates through a network of more than 600 branches and service outlets, spanning three continents, 18 countries, and 50+ million customers managed by over 28,000 employees. Access Bank, the corporation’s banking business, is one of Africa’s largest retail banks by customer base and total assets.

For eight years until May 2022, Mr Wigwe led Access Bank Plc as its chief executive through an extraordinary growth period. Some of the accolades accorded him included Banker of the Year, 2020 by Leadership Awards; African Banker of the Year, 2021 by African Banker Award; and Best Banking CEO, 2021 by Global Brands Magazine Awards.

Continue Reading

Banking

Advans Nigeria Appoints Odetayo as Deputy Chief Executive Officer

Published

on

Elizabeth Odetayo

By Modupe Gbadeyanka

To improve operational efficiency, Advans La Fayette Microfinance Bank has appointed Mrs Elizabeth Odetayo as the new Deputy Chief Executive Officer.

She will work closely with the Chief Executive Officer, Mr Gaetan Debuchy, and the executive team to drive the bank’s strategic initiatives, optimize operational performance, and expand its reach to empower more individuals and businesses with access to tailored financial solutions.

Before her new appointment, she served as the Chief Financial Officer (CFO) of Advans La Fayette Microfinance, where she played a pivotal role in shaping the bank’s financial strategy, ensuring robust fiscal management, and supporting its mission to provide inclusive financial services to underserved communities.

A statement from the financial institution disclosed that the appointment of Mrs Odetayo became effective Saturday, February 1, 2025.

She is expected to bring her over 20 years of wealth of experience and a proven track record of excellence in the financial services sector to her new role.

“This strategic appointment underscores the bank’s commitment to fostering leadership from within and strengthening its executive team to drive continued growth and innovation,” a part of the statement read.

Mrs Odetayo has demonstrated exceptional leadership, strategic vision, and a deep understanding of the microfinance industry.

Her expertise in financial management, risk assessment, and operational efficiency has been instrumental in advancing the bank’s objectives and enhancing its impact on clients and stakeholders.

Commenting on the appointment, Mr Debuchy said, “Elizabeth’s appointment as Deputy CEO is a testament to her dedication, expertise, and outstanding contributions to our bank.

“Her deep understanding of our operations and her commitment to our mission position her to help steer the bank toward achieving its strategic goals.

“We are confident that her leadership will further strengthen our ability to deliver impactful financial services to our clients.”

In her reaction, Mrs Odetayo said, “I am honored to take on this new responsibility and to continue contributing to the growth and success of the bank.

“I look forward to collaborating with our talented team to drive innovation, enhance customer experience, and expand our reach to create lasting value for the communities we serve.”

Advans La Fayette Microfinance remains committed to its mission of fostering financial inclusion and empowering individuals and businesses through accessible and sustainable financial solutions.

The appointment of Mrs Odetayo as DCEO marks an exciting new chapter in the bank’s journey toward achieving its vision.

Her promotion and over 130 staff in 2024 is a demonstration of the bank’s commitment to empowering its employees, fostering a culture of excellence, and driving productivity against all odds. By investing in internal talent, Advans continues to build a strong, motivated workforce that is equipped to deliver on its mission and vision.

Continue Reading

Banking

NIBSS Upgrades NQR Payment to Reduce Cash Dependency

Published

on

NQR payment

By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled significant upgrades to its Nigeria Quick Response (NQR) payment system.

The mechanism is designed to reduce cash dependency and streamline and enhance digital transactions for businesses and individuals across Nigeria.

The NQR payment system, launched in March 2021, is part of Nigeria’s broader push to promote cashless transactions across the country.

The system allows customers to make payments by scanning a QR code, which redirects them to their bank or mobile wallet to complete the payment. It is also timely and avoids delays.

Speaking on the development, Mr Premier Oiwoh, MD/CEO of NIBSS, emphasized the evolving capabilities of NQR and how it is poised to revolutionize payments, transactions are processed instantly, ensuring immediate settlement.

“This account is the only QR in the world that is instant for the beneficiary,” he said.

He noted that the system is also far more robust, offering smoother and more secure transactions. It now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments, significantly expanding its use cases.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment” he said.

“You can also send your personal QR code to anybody to pay you rather than send an account number,” he said

Mr Oiwoh announced that a new pricing structure for NQR payment will take effect on March 1, 2021.

The use of QR codes is expected to significantly reduce Nigerians heavy reliance on cash, thereby contributing to the digital economy infrastructure and financial inclusion agenda of the Central Bank of Nigeria (CBN).

Continue Reading

Trending