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| Source: TechCabal |
Mergers and Acquisitions (M&A) became a defining trend that startups and established companies in Nigeria’s tech ecosystem followed in 2025. These local startups and established technology companies increasingly turned to consolidation as a growth strategy rather than relying solely on organic expansion.
In this sense, many of them pursued acquisitions and mergers to scale faster, secure regulatory approvals, and enter new markets, which are the reasons Flutterwave acquired Mono at the beginning of 2026 so that it can evolve beyond a payment processor into a financial institution capable of offering credit-related services and also strengthen its core payments stack through account-to-account transfers.
All these M&A came at a time when venture deal activity across Africa, including Nigeria, continued to slow compared to previous years. During that time, fewer funding deals were closed. But in 2025, the total amount of capital flowing into the ecosystem increased significantly. This helped Nigerian startups to create a market where access to larger pools of capital favored well-positioned companies, encouraging others to merge or be acquired to remain competitive.
Nigeria, being Africa’s largest tech hub by startup volume, accounted for a significant share of the continent’s acquisition activity in 2025. Fintech, payments, logistics, and enterprise software companies were among the most active sectors in the ecosystem. Their acquisitions are often driven by the need to secure licenses, acquire technology talent, or strengthen market dominance.
M&A activity in Nigeria is a maturing tech ecosystem, and the ones recorded in 2025 highlight how Nigerian tech companies are repositioning themselves for long-term growth in an increasingly competitive landscape. Here are the major deals reported.
What Is Financial Technology (Fintech)?
The word “fintech” is simply a combination of the words “financial” and “technology”. It describes the use of technology to deliver financial services and products to consumers. This could be in the areas of banking, insurance, investing – anything that relates to finance. In other words, Fintech, or financial technology, is a term that describes apps, software and other technology that enables users and enterprises to access and manage their finances digitally.
Key Mergers and Acquisitions in Nigeria's Fintech Space in 2025
1. LemFi acquires Bureau Buttercrane
Nigerian remittance and cross-border payments company LemFi also acquired Bureau Buttercrane, an Irish currency exchange platform, in January 2025 as part of its strategic push into the European market. The deal received regulatory approval from the Central Bank of Ireland, which allows LemFi to take over Bureau Buttercrane’s Payment Institution license.
The license allows LemFi to operate across the European Economic Area (EEA), which is the main purpose of the acquisition. LemFi didn't acquire Bureau Buttercrane just to integrate its technology or customer base but rather to secure a robust regulatory framework for seamless operations throughout Europe post-Brexit.
Prior to this, LemFi had a UK license (from its 2021 acquisition of RightCard) and had temporarily operated in Europe through partnerships, but it needed an Irish license with EEA passporting rights to expand legally into multiple European countries. Now, the company is scaling its remittance and payment services for immigrants globally.
2. Access Bank acquires National Bank of Kenya (NBK)
Access Bank of Nigeria saved National Bank of Kenya from its struggling life through acquisition from KCB Group Plc on 30 May 2025, following regulatory approvals from Kenyan and Nigerian authorities. The Central Bank of Kenya (CBK) and the National Treasury approved the transaction in April of the same year, and the merger expands Access Bank’s footprint in Kenya, East Africa’s largest economy.
The transaction, valued at approximately US $109.6 million (about N179.1 billion), involves 100 percent ownership of NBK, making it a wholly owned subsidiary of Access Bank. NBK will continue to operate initially as a separate unit while the integration is underway, and Access Bank is expected to inject more capital into NBK to shore up its books with this new deal.
3. Bankly acquired by C-One
C-One Ventures is a Lagos-based investment firm that focuses on technology and financial services, and Bankly is a licensed Microfinance Bank (MFB). The acquisition of Bankly by C-One in April 2025 gives C-One Ventures access to Bankly’s proprietary technology, partner ecosystem, full operations, regulatory licenses, platform, and integrated staff.
Meanwhile, it's worth noting that C-One has a growing fintech portfolio, which already includes products like Fulcrum (supply chain finance), GetPayed (payments and banking app), and gomoney (digital banking). Merging Bankly into the portfolio gives C-One access to the microfinance bank's nationwide agent network of over 50,000 agents and a customer base exceeding 2 million individuals and businesses.
4. First Ally Capital acquires Migo
In June 2025, Nigerian investment firm First Ally Capital Limited acquired a 60 percent equity stake in Mines.io Nigeria, the company operating under the brand name Migo, a leading Nigerian fintech focused on AI- and machine learning-driven digital credit solutions. Migo is a digital credit platform known for providing Credit-as-a-Service technology that enables banks, telecoms, and retailers to offer loans to consumers and small businesses in markets where traditional credit infrastructure is limited.
The acquisition was completed after receiving regulatory approval from the Federal Competition and Consumer Protection Commission (FCCPC) and involved the signing of definitive agreements between First Ally and Mathesis Analytics, which previously held full ownership of Migo Nigeria. First Ally Capital had been an early seed investor in the business and strengthened its involvement by taking majority control as part of a longer strategic relationship.
5. Moniepoint acquires Sumac Microfinance Bank
Tosin Eniolorunda's Moniepoint acquired a 78% controlling stake in Sumac Microfinance Bank in June 2025. Sumac MFB is a licensed microfinance institution in Kenya, and acquiring the bank paves the path for Moniepoint to dive into the country’s tightly regulated banking sector. The Competition Authority of Kenya (CAK) cleared the transaction unconditionally, noting it would not negatively affect competition or public interest in the Kenyan microfinance market.
6. Chowdeck acquires Mira
In June 2025, Nigerian on-demand delivery and logistics platform Chowdeck acquired Mira, a point-of-sale (POS) and restaurant management technology provider. Mira, founded in 2023 by industry veterans including former Flutterwave and Paystack executives, offers tools such as QR code ordering, card and QR payments, inventory tracking, sales analytics, and customer engagement software used by over 500 hospitality businesses.
However, all these Mira inventories and business (and financial) tools were added to Chowdeck’s delivery ecosystem after the acquisition, allowing Chowdeck to control the full stack, from order to payment, thereby deepening its relationship with its restaurant partners. Mira’s CEO, Ted Oladele, also joined Chowdeck as Head of Product after the acquisition.
7. BAS Group acquires Zuvy Technologies
Nigerian investment company that controls businesses in healthcare, microinsurance, and finance, BAS Group, acquired a stake of more than 50% in Zuvy Technologies, a Lagos-based startup that provides short-term financing to small businesses through invoice discounting. The transaction, which was completed in June 2025, was executed as an all-cash deal. Based on Zuvy’s prior funding and growth metrics, based on Zuvy’s prior funding and growth metrics.
This move offers Zuvy the backing of a larger group to scale its financial products for small businesses and individuals. Zuvy Technologies was founded by Angel Onuoha and Ahmed Shehu, and as part of the arrangement, BAS Group’s COO Adnan Kayode took operational leadership of Zuvy, while the co-founders will retain minority ownership but step back from daily management.
8. Pesa acquires Authoripay Emoney
Nigerian cross-border payment platform Pesa completed the acquisition of Authoripay Emoney Ltd in June 2025 to obtain key regulatory licenses issued by the UK Financial Conduct Authority (FCA). The acquisition added $80 million in annual transaction volume to Pesa’s platform. Authoripay Emoney Ltd is a UK-licensed electronic money institution regulated by the Financial Conduct Authority (FCA).
The merger gives Pesa direct access to Authoripay’s regulatory permissions in the UK and European Economic Area, including the ability to issue e-money, initiate payments, and offer virtual IBAN services. In addition to that, Pesa also inherited Authoripay’s Principal Membership with Mastercard, enabling it to issue and manage Mastercard-branded debit and prepaid cards.
9. Roqqu acquires Flitaa
In July 2025, Nigerian cryptocurrency exchange Roqqu announced the acquisition of Flitaa, a crypto trading platform with operations in Kenya, Ghana, Uganda, and Tanzania. The move provided Roqqu with an instant user base and, more importantly, a team with the local know-how to navigate Kenya’s evolving regulatory environment for digital assets.
Founded in 2021, Flitaa had built a modest user base by offering simplified crypto buying and selling services and deep integration with mobile money platforms like M-PESA. The integration with M-PESA is a key advantage for Roqqu in East Africa’s mobile-centric markets. The all-cash transaction was approved by Kenyan regulators, allowing Roqqu to integrate Flitaa’s infrastructure into its platform and give it an immediate foothold in the Kenyan crypto sector.
10. Moniepoint acquires Bancom Europe Ltd
After, the Moniepoint acquisition of Bancom was completed in July 2025, Bancom was renamed as Moniepoint UK Ltd in September 2025. Now, Moniepoint UK has a sort code of 04-19-29, enabling the fintech company to have full access to UK payment rails, including Direct Credit (Bacs), Direct Debit, Clearing House Automated Payment System (CHAPs), and Faster Payments (FPS).
Similar to its Kenyan acquisition which serve the same purpose of securing operaqting licences and infrastructures, this Bancom buyout marks Moniepoint's second major acquisition of the year.
FPS is the UK’s real-time payment system that lets people add money to their accounts or send funds to others instantly. Before, Moniepoint depended on another provider’s infrastructure to handle this type of transaction. Now, FPS gives Moniepoint a major upgrade from the old Moniepoint GB setup, where payments were handled through PayrNet Limited’s e-money license.
11. Wakanow acquires Nairabox
Wakanow acquired NairaBox, a digital platform for entertainment and event ticketing, in October 2025 to expand from travel into digital entertainment, events (movies, concerts), and lifestyle experiences. The purpose of the acquisition is to create an all-in-one comprehensive platform that will be useful for accessing leisure and cultural activities across Africa in one interface. The acquisition transform the company's model and integrate app that combines travel with event ticketing and payments to capture a larger share of consumers’ wallets.
12. Flutterwave acquires Mono
In late 2025, Africa’s leading payments technology company, Flutterwave, announced the acquisition of Mono, a Nigerian open-banking infrastructure startup, in a full equity (all-stock) transaction valued between $25 million and $40 million. This is one of the most notable exits and mergers yet in African fintech, bringing together two companies that are helping other businesses move money and understand financial behavior.
Through this acquisition, Flutterwave will now be able to offer bank account verification, onboarding, and identity checks, and one-time or recurring bank payments within a single stack. However, it's important to note that the transaction was complated in late 2025, but official announciation of the merger was made by both companies in January 2026.
Source:
TechCabal and FinngDaily
