Nigerian business banking startup Brass has announced it will stop operating as an independent company and migrate its customers into Paystack Microfinance Bank.
In a statement on Monday, Brass said interested customers would be migrated into Paystack MFB before July 31, 2026, as the company integrates its business banking operations into Paystack’s regulated banking infrastructure.
“Brass will move its business banking into Paystack MFB. As part of this transition, Brass will no longer operate as an independent entity,” the company said.
The move marks the culmination of a turbulent period for Brass, which once positioned itself as a modern banking layer for African businesses before a liquidity crisis threatened its survival in 2024. The closure comes two years after a consortium led by Paystack, alongside PiggyVest, Ventures Platform and P1 Ventures, acquired Brass following months of operational turmoil and customer withdrawal delays.
Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass built a digital banking platform for small businesses, offering business accounts, payroll tools, expense management and cash-flow tracking.
Sources: TechCabal
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