FairMoney, a Nigerian credit-led digital banking platform, has acquired PayForce, a sub-brand of CrowdForce that offers merchant payment services to small businesses. The cash-and-stock deal is thought to have been in the range of $15m to $20m. FairMoney, which provides financial services to the underbanked, has previously concentrated on credit-led neobanking, but is now expanding into merchant banking. As well as creating a more diversified offering, the acquisition will help FairMoney gain market share, adding credit cards, payroll services, and online merchant acquiring to its business-facing product suite. The firm is also actively pursuing other acquisitions as it looks to scale its operations in Africa.

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