BAS Group, a Nigerian investment firm, has acquired a majority stake in Lagos-based fintech startup, Zuvy Technologies. This all-cash deal gives BAS over 50% ownership and full operational control. The exact deal value remains undisclosed.
Zuvy is known for offering short-term financing to small businesses by using invoice discounting. This method helps vendors especially those supplying major companies like Dangote and Rite Foods, get early payments without needing traditional collateral.
As part of the deal, all previous institutional investors have exited. Zuvy’s co-founders, Angel Onuoha and Ahmad Shehu, still hold minority stakes but have stepped back from active roles. Their exit was planned months before the acquisition, as they’ve moved on to launch a healthtech startup in the U.S.
BAS Group CEO, Abdulateef Hussein, shared his vision in an interview: “Think of the Zuvy platform as another add-on under our finance arm.” He emphasized that Zuvy fits seamlessly into their growing financial offerings.
Zuvy, founded in 2021, originally focused on direct lending. Over time, it shifted to a loan origination model to scale more effectively. According to Onuoha, this pivot helped them grow their loan book tenfold. By the time BAS stepped in, Zuvy had already repaid a $4 million debt from a previous funding round.
The acquisition supports BAS Group’s goal to close Nigeria’s $236 billion SME credit gap. Their strategy involves layering Zuvy’s platform with products like micro-insurance, health maintenance plans, and other financial services aimed at small businesses.
Importantly, no layoffs are expected. Zuvy’s tech and business teams will continue under the BAS umbrella. Hussein said, “We’re not anticipating culture shocks. We’ve been friends of the house for a long time.”
