The Nigerian unicorn Paystack, a subsidiary of giant Stripe, reaches a historic milestone. After a dedicated decade exclusively for payments, the company offers Ladder Microfinance Bank for get started in credit and deposit management.

It is a strategic metamorphosis for the leader in payments in Nigeria. The acquired entity will now operate under the name of Paystack Microfinance Bank, a sister company to the main business. This new branch will start by providing loans to businesses before eventually extend to consumer products. It also aims to offer “banking-as-a-service” services to other fintechs and companies that want to integrate financial tools.

This foray into the banking sector meets growing demand from its 300,000 merchant base. While Paystack already processes trillions of naira every month, the The company now aims to offer these businesses more comprehensive services: deposit accounts, lines of credit and cash products.

The bank will operate independently, with its own license and governance structure, while collaborating with the “payments” branch in compliance with the limits regulatory. Paystack specified that its existing partnerships with commercial banks for processing transactions would remain unchanged.

This acquisition comes shortly after the launch of Zap, Paystack's consumer payment application. Elle marks a decisive pivot towards the highest-margin segments of the sector Nigerian financial, allowing fintech to capture more value important throughout the financial chain.