Moniepoint, a Nigerian business bank, and PayDay, a neobank, have denied reports of a planned acquisition. WeeTracker, an African tech publication, reported that Moniepoint is set to acquire PayDay for $40 million after leading its $3 million seed round. However, some investors close to the deal have denied the reports, clarifying that Moniepoint only invested in the neobank, and Moniepoint also confirmed that their investment in PayDay represented a "strategic investment" and not an acquisition. Despite these denials, two other sources claim that a deal is on the table and will likely still go ahead in three months, and the acquisition would make sense for Moniepoint as PayDay has a solid customer base and a significant market share in the remittance market.

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