Maritime Microfinance Bank (MFB) was recently purchased by Payhippo, a financial institution that specializes in savings, demand deposits, investments, and micro- and SME loans. Small company loans are made available using a platform powered by artificial intelligence.
The transaction is awaiting permission from the Central Bank of Nigeria, and both sides are working together to secure it. As a result of this, Payhippo will also have direct access to Nigeria’s interbank settlement system.
Adetola Atekoja, chairman of Maritime Microfinance Bank, said that Nigeria has an increasing need for SME financing solutions to assist firms in meeting their financial obligations. Payhippo, we feel, is well-positioned to provide innovative and tailored financial solutions for the country’s SMEs. The crew is highly skilled, resilient, and demonstrates outstanding leadership.
“I’m glad to have them on board, and I’m looking forward to helping them reach their goals.”
Maritime Microfinance Bank
Maritime Microfinance Bank is fully licensed to operate as a microfinance bank in Nigeria. It was set up for the upliftment of the common man. The bank is set to build exceptional value for our customers and wealth-building entrepreneurs.
Maritime was founded in 2014 with the purpose of providing excellent, customized financial products and services to satisfy the requirements and aspirations of every Nigerian. The bank has developed financing packages for SMEs to boost enterprises in the marine and other macroeconomic sectors. With this purchase, MFB will be able to offer more products and services, which is in line with Payhippo’s goal of reaching a wider range of SMEs in different industries by giving them access to quick and easy financing.
How would MMFB help PayHippo?
The purchase of MFB by Payhippo will allow the fintech company to provide a more comprehensive experience to its rapidly expanding customer base by enabling it to take deposits from its clients and interface with NIBSS. Through the integration of NIBSS and the purchase, Payhippo will also be able to make inter-bank transfers for its merchants’ benefit.
Thus, all essential financial operations will soon be available to retailers via the Payhippo app. Through this purchase, Payhippo will add experienced banking and financial experts to its team, boosting its growth. The bank’s expertise will help Payhippo boost SME access to digital financing.
“At Payhippo, our goal is to make it easy for merchants all over Africa to get financial services. “We are making this investment to improve products and services for our customers, which will allow us to reach a wider customer base,” said Zach Bijesse, co-founder and CEO of Payhippo. “We are very excited to work with Maritime Microfinance Bank to revolutionize SME financial services through digital innovation,” he added.
Payhippo has given more than 25,000 loans to small and medium businesses in Nigeria since its launch in August 2019 by CEO Zach Bijesse, COO Chioma Okotcha, and Uche Nnadi. Payhippo gave out 6,726 loans in the third quarter, which was 39% more than the 4,842 loans it gave out in the second quarter. The company makes more than $4 million every year.
Payhippo has grown rapidly. The company has opened an office in London to find Africans in the diaspora and other talented people from around the world to help build its SMEs in Nigeria.
Dami Olawoye, the head of corporate finance at the start-up in London, helps the fintech reach global capital markets to finance its loan books for its credit-led business model. It has 76 workers in Nigeria, the UK, Portugal, Kenya, and South Africa.