Economy
FairMoney Buys PayForce to Boost Retail Banking Offerings
By Adedapo Adesanya
Nigerian fintech startup, FairMoney, has acquired PayForce, a CrowdForce subsidiary, for an undisclosed amount believed to be between $15 million and $20 million.
The acquisition of the merchant payment services that serve small businesses will also see CrowdForce CEO, Mr Oluwatomi Ayorinde, join FairMoney to head its payments business unit.
This is the latest news coming from FairMoney since 2021 when it raised $42 million in a Series B, which saw it expand to India.
According to TechCrunch, the acquisition will provide incentives for PayForce-acquired merchants who use FairMoney as their primary bank, such as an 18 per cent annual return on deposits.
The CEO of Fairmoney, Mr Laurin Hainy, said FairMoney would design specific credit products for different sets of businesses, tackling one of the biggest problems facing small businesses in Nigeria: access to loans and working capital.
“We see ourselves as a retail bank, but the line between merchants and retail is often blurry. We’ve thought about the merchant space more and more, and we see a lot of potential synergies between what PayForce and we have built independently,” he added. “We know that if we combine both businesses, their merchants will enjoy what our retail customers already enjoy.”
FairMoney is also mulling the possibility of banking some of the offline customers that CrowdForce has served over the years.
“PayForce helps them make more money versus a lot of the other competition, which we think are agency banking businesses as they did not build a product with the merchant in mind; they build the product with the agent in mind. There is a huge difference, so we’re not worried about the competitive landscape there,” Mr Hainy added.
FairMoney was launched in 2017 to provide collateral-free loans to Nigerians. Since then, it has expanded its suite of offerings to provide bank accounts and savings features for customers. Users can also pay bills or request cards on the platform.
It has also moved beyond personal loans to business loans, and its acquisition of PayForce is another step in that direction. It will be banking on PayForce agent banking services and partnerships with larger businesses, such as gas stations, to provide liquidity for its agents.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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