According to Technext, Bitmama, a Nigerian crypto exchange platform, is set to acquire Payday, a cross-border payment platform enabling Africans to receive payments through virtual cards. This news comes three months after Payday announced its search for buyers.

Ruth Iselema, Bitmama's CEO, reportedly proposed a deal to PayDay investors, offering them $1 million in equity within the cryptocurrency firm, valued at $30 million.

"Favour (Founder of PayDay) reached out to me because we're building products beyond crypto; one of those products is Changera, and it made sense to me," said Iselema.

Changera is one of Bitmama's products. Despite its origin as a crypto exchange platform, Bitmama has shifted its focus to providing global services, including remittance, to its users.

With the acquisition, Bitmama is expected to take over PayDay's customer deposits and responsibilities, integrating several key staff members from different sectors of the company.

Through this agreement, Bitmama would access Payday's customer base without the need to develop a new software stack or acquire users from scratch, advancing the cryptocurrency company's goal of advocating for crypto-driven remittances in Africa significantly.

"If the deal goes through, the result will be a strong team with much more efficiency," said Favour Ori, the founder of PayDay.

Payday will reportedly continue to operate under Bitmama's recent product, Changera, a digital platform allowing users to send and receive money globally. The integration aims to resolve Payday's challenges due to relying on middlemen, potentially enhancing both customer satisfaction and service reliability.

Cover image source NODO

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