FairMoney, a Nigerian credit-driven digital banking platform, has acquired PayForce, a small business-focused merchant payment service, as it seeks to diversify its offering of financial services to merchants. PayForce is a sub-brand of CrowdForce, which is financed by YC.
Fintechs on the opposite side of the board, like OPay and Moniepoint, are gaining retail consumers as consumer digital banking firms like FairMoney and Kuda foray into commercial banking.
According to Hainy, FairMoney does want to increase its market share and establish itself as Nigeria’s “number one” merchant and retail bank as a result of the purchase.
He said that FairMoney will provide customized credit solutions for various business types, addressing one of the greatest issues small businesses in Nigeria face: access to operating capital.