Bitmama Inc acquires Payday for an undisclosed sum

Bitmama Inc., an industry frontrunner in cross-border payment solutions, has acquired Payday, an innovator in the digital payment sector.

The acquisition, led by Bitmama Inc.’s flagship product Changera, is a strategic move aimed at solidifying the companies’ positions in the fintech sector, promising astute benefits for customers and contributing to the overall growth of the financial technology sector.

The joint decision to unite forces stems from the shared vision of Bitmama Inc. and Payday, recognising the immense potential for synergy in creating a more robust and comprehensive financial ecosystem. This move is anticipated to amplify the range of innovative products and global services available to customers, stimulating renewed fintech solutions.

Ruth Iselema, CEO of Bitmama, expressed enthusiasm about the acquisition, stating, “This strategic move solidifies our leadership in the financial technology space. We are committed to providing added value to our customers actively seeking cross-border payment solutions. Our priority is constructive negotiations that safeguard the interests of our customers, employees, and stakeholders.”

Payday CEO, Favour Ori, emphasised the potential for enhanced customer satisfaction and innovative features. “Joining forces with Bitmama Inc. positions Payday to deliver even more comprehensive digital payment solutions. This move is aligned with our commitment to making financial transactions seamless for our users,” Ori stated.

The combined strengths and expertise of Changera and Payday are set to create a dynamic fintech platform, leveraging the proven track records of both brands. This collaboration aims to establish a stronger market presence and provide diverse financial solutions.

The acquisition is a proactive step towards cultivating a resilient fintech ecosystem, with Bitmama Inc. and Payday aiming to set new industry standards and boost innovation. The companies acknowledge potential speculation and rumors but assure stakeholders that ongoing talks are strategic and aligned with the shared vision of both entities. The collaboration seeks to create a unified force capable of addressing the evolving needs of the market.

Bitmama Inc acquires Payday with a focus on transparent communication throughout this process. The potential acquisition is a big deal in reshaping the future of fintech in Nigeria. Further updates will be provided as discussions progress to keep customers, investors, and stakeholders informed.