Brass, a Nigerian business banking startup, will stop operating as an independent company and migrate customers into Paystack Microfinance Bank (Paystack MFB), closing the final chapter of one of Nigeria’s most closely watched fintech rescue deals.
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,” the company said. “As part of this transition, Brass will no longer operate as an independent entity.”
The shutdown marks the culmination of a turbulent two-year 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 move 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.
