Brass, the Nigerian business banking startup, will cease operating as an independent company and migrate its customers to Paystack Microfinance Bank (Paystack MFB), marking the final stage of its integration into Paystack’s banking infrastructure.
In a statement released on Monday, Brass announced that interested customers will be moved to Paystack MFB before July 31, 2026, as part of a broader transition aimed at expanding the services available to businesses on its platform.
“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 announcement brings to a close a challenging chapter for the startup, which rose to prominence by providing digital banking services tailored to small and medium-sized businesses across Nigeria.
Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass offered business accounts, payroll management, expense tracking, and cash flow tools designed to simplify financial operations for startups and SMEs.
However, the company faced significant challenges in late 2023 after customers reported delays in accessing and withdrawing funds from their accounts. The situation raised concerns across Nigeria’s startup ecosystem and put pressure on the company’s operations.
In May 2024, a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures, acquired Brass in a rescue deal designed to stabilise the business and protect customer confidence in digital financial services.
Following the acquisition, Brass underwent a restructuring process, with its co-founders exiting the company and a new leadership team, led by Philip Obosi and Yvonne Obike, overseeing efforts to rebuild internal systems and operations.
According to Brass, the integration with Paystack MFB became the natural next step as the company sought to scale its services and strengthen its banking infrastructure.
“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, the move further expands its presence in business banking. The company entered Nigeria’s banking sector after acquiring Ladder Microfinance Bank and has since developed Paystack MFB to offer treasury services, transfers, and banking solutions for businesses.
The transition also reflects a broader trend of consolidation within Africa’s fintech ecosystem as companies seek sustainable growth, stronger regulatory positioning, and deeper financial infrastructure capabilities.
While Brass as a standalone company will cease to exist, the company says its mission of helping African businesses manage and grow their finances will continue through Paystack MFB.
“This transition marks a new chapter,” Brass said, “with even greater capability for the businesses we serve.”