In a recent development, Nigerian fintech company Payday is reportedly in discussions with potential buyers for the sale of the company. This move comes just six months after Payday successfully secured $3 million in a seed funding round, indicating a significant shift in the company’s strategy.
Moniepoint’s Interest and Past Connections
Moniepoint, which previously led Payday’s seed round, has been linked to discussions of a possible acquisition of Payday. Earlier reports suggested that Moniepoint had expressed interest in acquiring Payday, contingent upon specific performance criteria being met. This potential acquisition has been a subject of anticipation within the industry.
Past Controversies Haunting Payday
Payday has faced challenges in the past, including customer access suspensions for individuals who fell victim to fraud. Additionally, the company was previously accused, in a blog post, of misappropriating customer funds, further impacting its reputation.
Change in Leadership Dynamics
Sources have indicated a shift in leadership dynamics within Payday, with the reduced involvement of CEO Favour Ori. It has been reported that Favour Ori has taken on a full-time role at GitHub, suggesting a decreased focus on Payday, with implications that it may have been considered a side project. Furthermore, Payday’s co-founder, Elijah Kingson, is reported to be fully employed at London-based fintech company Revolut.
The unfolding situation surrounding Payday underscores the dynamic nature of the fintech industry and the challenges that emerging companies may face in maintaining their market presence amidst controversies and evolving leadership priorities.
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