BAS Group, a diversified financial services firm based in Nigeria, has completed a strategic fintech acquisition by acquiring a majority stake in Zuvy.

The acquisition gives BAS Group over 50% ownership of Zuvy, a fintech startup focused on invoice financing for Nigerian businesses.

Although both parties chose not to disclose exact figures, the deal likely values Zuvy between $1.5 million and $3 million.

This estimate is based on Zuvy’s previously disclosed $4.5 million in total funding, of which $580,000 was raised as equity capital.

A Strategic Move for BAS Group’s Lending Playbook

Earlier this year, BAS Group launched a new business offering collateralised loans to SMEs, supporting traditional credit lines in Nigeria.

Through this fintech acquisition, the group now gains access to uncollateralised lending, expanding its reach across more underserved segments.

Zuvy’s platform, which enables small businesses to access invoice financing, will now help BAS offer flexible lending without security.

According to BAS Group’s CEO, Abdulateef Hussein, the deal marks more than just expansion—it signals a deeper ecosystem-building mission.

“This is About Building Africa’s Financial Future”

Hussein described the acquisition as a strategic alignment with BAS Group’s mission to create a tech-powered financial ecosystem across Africa.

He emphasized that Zuvy’s growth and low default rates made the startup an attractive and responsible fintech acquisition target.

BAS had monitored Zuvy’s performance for years, particularly as competitors like Vendorcredit also gained traction in the local market.

The group expects to keep Zuvy operating independently under its brand, with no anticipated layoffs during or after the transition.

Leadership Changes and Future Plans

As part of the acquisition, Adnan Kayode, BAS Group’s current COO, will now serve as Zuvy’s operational head moving forward.

While leadership changes are underway, Zuvy’s operations will continue to serve the FMCG, healthcare, and supply chain industries.

To date, Zuvy claims to have financed invoices worth over ₦1 billion for more than 1,500 Nigerian small businesses.

Founders Exit to Launch New Healthtech Venture

Zuvy was co-founded in 2023 by Angel Onuoha and Ahmed Shehu, who both now step away from day-to-day roles.

The co-founders plan to focus on their new healthtech startup, Avelis Health, which targets inflated medical billing in the U.S.

Avelis has already been accepted into Y Combinator, giving the duo a strong launchpad for their new healthcare innovation journey.

However, both Onuoha and Shehu will retain minority stakes in Zuvy, and no previous investors have exited post-acquisition.

A New Chapter for Nigerian Fintech

This fintech acquisition is part of a broader trend of strategic consolidation in Africa’s growing digital finance sector.

With the deal, BAS Group takes another step toward serving MSMEs with tailored credit products powered by financial technology.

Meanwhile, Zuvy gains stronger institutional backing and leadership support to expand its platform while maintaining local business impact.

Together, both companies aim to scale credit access across Nigeria while demonstrating the power of fintech acquisition in Africa’s markets.

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