End of the Road for Brass: Nigerian Fintech to Merge with Paystack MFB

After six years as an independent neobank for SMEs, Brass will cease standalone operations and move its customers into Paystack Microfinance Bank by July 31, 2026. The move marks the first major consolidation in Nigeria’s fintech boom. Founded in 2020 with backing from key industry figures, Brass built payroll, expense tracking and cash-flow tools for thousands of small businesses. A liquidity crisis in late 2023 led to delays in customer withdrawals and a rescue acquisition by Paystack alongside PiggyVest and other investors in May 2024. Under new leadership, Brass stabilised but struggled to scale alone. Integrating into Paystack MFB gives its SME base access to deeper capital, regulated banking infrastructure and the same account management tools within a larger platform. This deal reflects broader trends in Nigerian fintech as funding tightens and regulators tighten oversight. The consolidation signals that only the most capital-strong and regulated platforms can sustain long-term growth.

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