Paystack Bought Three Nigerian Fintechs in 18 Months; Allawee Is Last Brand to Vanish
Summary
Paystack quietly acquired Nigerian card-issuing startup Allawee in 2025, and the deal only became public when customers received shutdown notices. Allawee customers must withdraw balances and update payment details before the service stops working on December 1, 2026. Paystack is splitting Allawee users between Paystack MFB for business accounts and Zap for consumer transfers, with no balances or records carried over. The acquisition is part of Paystack’s broader buy-to-build strategy, which also includes Brass and Ladder Microfinance Bank. The deal shows how Nigerian fintech leaders are consolidating infrastructure and licenses instead of building every component internally.
AskAI Classifications
Sectors
Fintech, Banking and Payments
General FinTech
Payment Processing
Functions
Developer and IT Infrastructure
Development Platforms
Accounting and Taxes
