Paystack, the Stripe-owned Nigerian fintech company, has entered the banking sector with the acquisition of Ladder Microfinance Bank, marking a major shift beyond its core payments business after a decade of operations.
The acquisition gives Paystack a microfinance banking licence, allowing it to hold deposits and offer lending services under a new entity, Paystack Microfinance Bank Paystack MFB. The bank will initially focus on lending to businesses before expanding into consumer banking and banking-as-a-service BaaS offerings.
After 10 years of building payment infrastructure, we realised that businesses needed more than just getting paid to grow, Paystack's chief operating officer, Amandine Lobelle, told TechCabal. This allows us to address more of the pain points businesses face.
