FBN Holdings Plc on Wednesday announced it entered into a definitive agreement with Access Bank Plc to acquire 100% Share Capital of Access Pension Fund Custodian Limited held by Access Bank Plc.
The acquisition would be done through First Pension Custodian Limited, a subsidiary of FBNH, the bank disclosed this in a statement signed by Adewale L.O Arogundade, Ag. Company Secretary and obtained by Investors King.
According to FBN Holdings, the Central Bank of Nigeria and the National Pension Commission have given their no objection to the transaction, with completion subject to the receipt of all required regulatory approvals.
The statement reads, “FBN Holdings wishes to notify Nigerian Exchange Limited and investing public that First Pension Custodian Limited, a subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited has entered into a definitive agreement with Access Bank Plc for the planned acquisition by First Pension of 100% Share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.
Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria
Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.
The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.
Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.
While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”
For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.
Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.
A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.
This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.
Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.
Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.
The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.
This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.
Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival
Equinor Concludes Sale of Stake in Chevron’s Agbami Oil Field to Chappal Energies
Nigerian Exchange Rebounds with N166bn Gain, Led by Key Banking and Tech Stocks
Nigeria’s Commercial Papers Surge to Over N1 Trillion
Nigeria’s FX Reserves Dwindle by $1.6 Billion Amid Unification Efforts, Straining Naira
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 8th November 2023