A Nigerian business banking startup Brass, will cease operating as an independent company and migrate its customers into Paystack Microfinance Bank (Paystack MFB), marking the final chapter of a widely followed fintech turnaround in Nigeria.
In a statement on Monday, the company said customer accounts will be transitioned into Paystack MFB before July 31, 2026, as Brass fully integrates its business banking operations into Paystack’s regulated banking infrastructure.
“Brass will move its business banking into Paystack MFB,” the company said. “As part of this transition, Brass will no longer operate as an independent entity.”
The closure brings an end to a difficult period for Brass, which once positioned itself as a digital banking platform for African businesses but ran into a liquidity crisis in 2024 that raised concerns across the fintech ecosystem.
The development follows the Paystack-led consortium acquisition of Brass in May 2024, alongside investors including PiggyVest, Ventures Platform, and P1 Ventures, after months of operational strain and reports of delayed customer withdrawals.
Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass offered business banking tools for SMEs, including accounts, payroll, expense management, and cash-flow tracking, becoming part of a wave of startups attempting to modernise financial services for African businesses.
However, by late 2023, users began reporting difficulties accessing funds, sparking widespread concern among founders and investors about the stability of deposit-taking fintechs in Nigeria.
Following the acquisition, Brass underwent a restructuring process, with its co-founders exiting the business as new leadership took over. The company said much of the past year was spent rebuilding internal systems and stabilising operations under the new management team led by Philip Obosi and Yvonne Obike.
“As we rebuilt and as our platform became more mature, something became increasingly clear,” the company said. “The next phase of our growth could not be achieved alone.”
For Paystack, which operates Paystack MFB following its expansion into microfinance banking, the integration strengthens its position in business banking beyond payments. Paystack MFB now provides services such as transfers, treasury management, and broader financial operations for businesses.
The move also reflects a wider shift in Africa’s fintech landscape, where years of rapid expansion and overlapping products have given way to consolidation. With funding tighter and regulatory oversight increasing, more startups are merging, shutting down, or folding into larger platforms to stay sustainable.
Brass described the transition not as an ending, but as a continuation of its original mission within a more stable structure.