Shola Akinlade, co-founder of Paystack, is expanding his payments company into banking, aiming to bridge Nigeria’s $32 billion small business financing gap.
Paystack has acquired Ladder Microfinance Bank, rebranded as Paystack Microfinance Bank, to offer working capital loans, merchant cash advances, and overdrafts to small businesses.
Using transaction data from Paystack’s payment gateway, the bank will provide faster loan approvals than traditional lenders.
This move marks a shift from Paystack’s origins as a payments platform to a broader financial services provider, leveraging its vast data insights to support small businesses.
Akinlade’s approach prioritizes stability and growth, with Paystack Microfinance Bank operating separately from its payments business.
This expansion reflects his methodical approach to building institutions, also evident in his sports ventures, including owning a Danish football club and founding Sporting Lagos Football Club.
