Paystack has announced a major expansion beyond payments with the launch of Paystack Microfinance Bank (Paystack MFB).
The fintech company revealed the news via social media, sharing the update on Paystack MFB’s official X (formerly Twitter) account. The announcement marks Paystack’s first confirmed move into regulated banking, ten years after it started operations in Nigeria as a payments company.
Here’s what has been confirmed so far:
Paystack MFB Goes Beyond Payments
Paystack says the decision to launch a microfinance bank comes from a key insight gained over a decade of operating in Africa’s fintech space: payments alone are not enough.
While getting paid remains critical, businesses also need tools to store money securely, move funds easily, understand their finances clearly, and scale with confidence. Paystack MFB is designed to support this broader financial journey.
The New Bank Targets Businesses, Individuals, and Developers
Paystack MFB is being positioned as a platform for multiple users across the financial ecosystem.
Businesses will have access to tools that support daily operations and growth, while individuals are expected to benefit from financial products designed to help them manage and grow their money over time. Developers remain central to Paystack’s strategy, with infrastructure built to be reliable, secure, compliant, and easy to build on.
Paystack MFB Will Operate Independently
Paystack confirmed that Paystack Microfinance Bank operates separately from Paystack Payments Limited.
The microfinance bank has its own license, governance structure, and roadmap. While both companies will collaborate closely, each entity will focus on its core mandate; payments on one side and banking on the other.
Rollout Will Be Gradual
Rather than a full public launch, Paystack says Paystack MFB is starting with a small group of members.
The company plans to open up access gradually, applying the same principles that shaped Paystack’s early growth: reliability, simplicity, transparency, and trust.
