On Wednesday, BAS Group, a Nigerian diversified financial services company, announced its acquisition of a majority stake in Zuvy Technologies, a Lagos-based fintech startup specialising in invoice financing for small and medium enterprises (SMEs).
This strategic move aims to expand BAS Group’s ability to offer collateral-free SME loans by integrating Zuvy’s innovative invoice discounting platform into its suite of financial services.
This strategic move aims to expand BAS Group’s collateral-free SME lending capabilities by integrating Zuvy’s innovative invoice discounting platform into its financial services offerings.
Expanding SME lending through invoice financing
BAS Group now owns over 50 percent of Zuvy, which has financed invoices worth more than ₦1 billion for over 1,500 small businesses across sectors like FMCG, healthcare, and supply chain.
The acquisition allows BAS to move beyond collateralised loans, offering uncollateralised lending based on verified invoices from reputable companies such as Dangote and Rite Foods.
CEO Abdulateef Hussein explained, “Think of the Zuvy platform as another add-on under our finance arm. It’s going to be very seamless for us because it’s just a new product added to our lending offerings”.
Leadership and operational integration
As part of the deal, BAS Group’s COO, Adnan Kayode, will lead Zuvy’s operations, ensuring continuity and no layoffs for Zuvy’s existing teams.
The startup’s co-founders, Angel Onuoha and Ahmad Shehu, have stepped back from daily operations to focus on their new healthtech venture, Avelis Health, while retaining minority stakes in Zuvy.
Onuoha stated, “BAS Group represents the perfect partner to advance Zuvy’s growth trajectory while we focus our efforts on addressing critical healthcare challenges in the American market”.
Addressing Nigeria’s SME credit gap
Nigeria’s SME sector faces a massive credit gap estimated at $236 billion, limiting business growth. BAS Group’s acquisition of Zuvy directly responds to this challenge, enabling the group to offer alternative credit lines to vendors lacking traditional collateral but with solid invoice histories.
BAS currently manages a ₦1.5 billion loan book and plans to scale its SME lending by integrating Zuvy’s tech-driven platform, leveraging institutional relationships and capital to expand access to finance.
Hussein emphasised, “A lot of the repayments we will be receiving will now be channelled through the Zuvy platform”.
This acquisition marks a key step in BAS Group’s broader strategy to build a comprehensive financial ecosystem by layering services such as banking, microinsurance, and invoice financing under one roof.
Zuvy |BAS Group
A Nigerian fintech startup, Zuvy, offers invoice financing solutions to small and medium-sized enterprises (SMEs).
The platform helps businesses access upfront payments for outstanding invoices, improving cash flow and reducing the risk of delayed payments.
Zuvy aims to support business growth and stability in emerging markets by bridging the financing gap for SMEs, particularly within Africa’s dynamic economy.
BAS Group is a Pan-African investment firm that supports early-stage technology startups across the continent. The group provides capital, strategic guidance, and operational support to help innovative companies scale and succeed.
BAS Group targets high-growth sectors such as fintech, healthtech, and e-commerce, aiming to drive digital transformation and economic development in Africa through impactful investments.