Nigerian fintech giant Paystack, co-founded by software engineer Shola Akinlade, is taking a bold step into banking.
With the acquisition of Ladder Microfinance Bank, now rebranded as Paystack Microfinance Bank, the company plans to offer SME loans, digital banking, and working capital solutions.
This move allows Paystack to pair its decade of payments expertise with regulated banking services, addressing Nigeria’s $32 billion financing gap for small businesses.
Using data from its payments platform, Paystack MFB will provide faster approvals for loans, merchant cash advances, and overdrafts. Developers and startups will also be able to integrate digital accounts and savings through APIs.
The expansion strengthens Paystack’s role as a key player in Africa’s fintech space, competing with both digital-first firms like Kuda and traditional microfinance operators.
