Stripe-owned Nigerian fintech Paystack has acquired Ladder Microfinance Bank, marking its formal entry into Nigeria’s banking sector and a strategic expansion beyond payments.
The acquisition supports the launch of Paystack Microfinance Bank, which the company announced on Wednesday, nearly a decade after it began operations in Nigeria.
Paystack said the microfinance bank will operate as a separate entity with its own licence and governance structure, while Paystack Payments Limited will continue to focus on payment services.
The company said the move into banking was informed by its experience supporting more than 300,000 businesses and millions of users nationwide. It added that its systems now process trillions of naira in transactions every month.
“Payments are a critical part of the financial journey, but not the whole story. Businesses don’t just need to get paid. They need a financial operating system,” Paystack said.
ALSO READ: Why Paystack sacked co-founder, Ezra Olubi
According to the fintech, businesses increasingly need tools to store money, move funds easily and gain clearer insight into their finances, while individuals want products that help them manage and grow their money.
Paystack said Paystack Microfinance Bank was created to meet these needs, while its payments arm remains focused on payment infrastructure. The bank is currently available to a small group of early users and will be rolled out gradually to more customers.
Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi and was acquired by global fintech firm Stripe in 2020 in a $200 million deal. In November 2025, the company terminated Olubi’s employment following sexual misconduct allegations and internal investigations.