Brass to Merge Business Banking Operations into Paystack MFB

Brass will no longer operate as an independent business. The Nigerian business banking startup has announced that it will move its operations to Paystack Microfinance Bank (Paystack MFB), with customers who want to continue using its services expected to complete the migration before 31 July 2026. The announcement comes two years after Paystack led a group of investors to acquire Brass, following months of operational challenges that left some customers struggling to access their funds.

A business built for startups

Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass built its business around startups and small businesses. It offered business accounts together with payroll, expense management and cash-flow tools, giving founders an alternative to traditional business banking. Things changed towards the end of 2023. Customers started reporting delays when trying to withdraw money from their accounts. Some founders said they could not access company funds, raising concerns about the startup’s future and prompting questions across Nigeria’s fintech ecosystem.

The rescue deal

In May 2024, Paystack, together with PiggyVest, Ventures Platform and P1 Ventures, acquired Brass for an undisclosed amount. The deal gave the company room to stabilise its operations while a new management team took over. Brass co founders Akindolu and Okeke later exited the business. According to Brass, much of the past two years has been spent rebuilding its systems and improving how the platform operates. “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.”

What’s changing now?

That thinking has now led to the next step. Instead of continuing as a separate company, Brass will become part of Paystack MFB. For Paystack, the move adds another piece to its growing financial services business. Earlier this year, the company expanded into banking after acquiring Ladder Microfinance Bank, which now operates as Paystack MFB. Bringing Brass into that business means its customers and business banking products will sit within the same regulated banking platform. The move also reflects how Africa’s fintech sector is changing. During the funding boom, many startups built similar financial products and expanded quickly. As funding slowed and regulatory expectations increased, more companies began looking at acquisitions and consolidation instead of building everything on their own. For Brass customers, the change means their banking services will continue through Paystack MFB once the migration is complete. The Brass name, however, will no longer operate as a standalone business.