Nigerian fintech Brass, has announced that its business banking operations will transition into Paystack Microfinance Bank (MFB), marking a significant new chapter in its mission to serve African businesses with stronger financial infrastructure and expanded capabilities.
As part of the transition, the fintech will cease operating as an independent entity, with its business banking services being integrated into Paystack MFB, a licensed microfinance bank.
The move is expected to provide customers with access to a more robust banking platform equipped with deeper infrastructure and a broader range of financial products.
Register for Tekedia Mini-MBA edition 20 (June 8 – Sept 5, 2026).
Register for Tekedia AI in Business Masterclass.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab.
According to Brass, Paystack MFB offers many of the services that its customers currently depend on, including account management, operational support, payouts and expense management, fast and reliable money transfers, and financial insights.
In addition, customers will gain access to a wider suite of capabilities designed to support business growth and efficiency.
Founded in 2020, Brass set out to address a fundamental challenge facing African businesses: the difficulty of accessing simple, efficient banking services.
The company was built around a straightforward mission to make it easier for businesses to open accounts, move money, pay employees, and gain visibility into their finances without the bureaucracy and inefficiencies that often characterized traditional banking.
Recognizing that many Nigerian businesses struggled with excessive paperwork, high fees, and outdated banking systems, Brass introduced a modern business banking platform that allowed users to open accounts within minutes from any device, eliminating the need for physical branch visits.
The platform also offered tools for payments, payroll management, expense tracking, and cash flow monitoring, tailored to the needs of startups and small and medium-sized enterprises (SMEs).
Over the years, Brass earned the trust of thousands of founders and businesses across Nigeria, becoming a key financial partner for companies seeking a more seamless banking experience.
However, like many fintech startups operating in Africa’s challenging business environment, the company faced significant hurdles that tested both its operations and team.
In May 2024, Brass entered a new phase of its journey when a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures, acquired the company.
Speaking on the acquisition, the company wrote,
“Over the months following the acquisition, our team, led by Philip Obosi and Yvonne Obike, entered a focused phase of rebuilding. We overhauled our internal systems and operational processes from the ground up, making sure that businesses that relied on us could manage their accounts, run recurring payments, organise team spending, and track their finances with greater clarity and reliability.
“As we rebuilt and as our platform became more mature, something became increasingly clear. The next phase of our growth could not be achieved alone. It required deeper infrastructure, broader capabilities, and a platform already trusted by businesses across Africa”.
The acquisition was aimed at strengthening Brass’ foundation while exploring opportunities to integrate its offerings within the broader Paystack ecosystem and expand its impact on African businesses.
The merger of Brass into the Paystack system, comes as there are calls for struggling startups to consider mergers instead of shutting down.
By combining resources, capabilities, and market strengths, struggling companies can preserve value, improve operational efficiency, and enhance their chances of surviving the current economic headwinds.
The migration of Brass customers to Paystack Microfinance Bank will take place gradually between now and July 31, 2026, with Brass aiming to move interested merchants to Paystack MFB in the least disruptive manner possible.
The company stated that all Brass customers will be contacted directly and provided with clear guidance on the transition and the steps required to ensure a smooth migration.
Notably, for Brass customers, the transition is expected to unlock access to a more comprehensive suite of financial services backed by Paystack’s growing ecosystem and banking capabilities.
The move also positions Paystack MFB to deepen its presence in the business banking segment, where demand for reliable financial tools among startups and SMEs continues to grow