LAGOS, June 2 – Nigerian business banking startup Brass will cease operating as an independent company and move its customers to Paystack Microfinance Bank (Paystack MFB), completing a transition that follows the company’s acquisition in 2024.
Under the plan, interested customers will be migrated to Paystack MFB before July 31, 2026, as Brass integrates its banking services into Paystack’s regulated financial infrastructure.
The move marks the final stage of a process that began after a consortium led by Paystack, alongside PiggyVest, Ventures Platform and P1 Ventures, acquired Brass following operational challenges that affected the startup in 2024.
Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass built a digital banking platform for small and medium-sized businesses, offering services such as business accounts, payroll management, expense tracking and cash flow tools.
However, the company faced difficulties in late 2023 when customers reported delays in accessing funds and processing withdrawals. The situation raised concerns across Nigeria’s fintech ecosystem and led to efforts to stabilise the business.
Following the acquisition, Brass underwent a restructuring process, including changes in leadership and investments in internal systems and operational processes.
The integration also strengthens Paystack’s expansion beyond payments into broader financial services for businesses. Earlier this year, Paystack entered Nigeria’s banking sector through the acquisition of Ladder Microfinance Bank, which now operates as Paystack MFB.
By bringing Brass’s business banking products into its platform, Paystack aims to offer a wider range of financial services through a single infrastructure.
The development reflects a broader trend of consolidation across Africa’s fintech sector as companies look to improve efficiency, strengthen operations and expand service offerings in a more competitive market environment.
Brass said the transition represents a new phase for the business and is intended to provide customers with access to a broader banking platform and additional capabilities.
