Nigeria’s BAS Group Acquires Fintech Zuvy to Expand SME Credit

BREAKING NEWSJune 25, 2025 at 11:42 AM UTC

TLDR

BAS Group has acquired a majority stake in Lagos-based Zuvy Technologies in an all-cash deal
The transaction, which gives BAS over 50% ownership and full operational control, sees all institutional investors bought out
BAS views this as a strategic addition to its SME lending portfolio, allowing it to serve businesses without requiring traditional collateral

BAS Group, a Nigerian investment firm with interests in healthcare, finance, and micro-insurance, has acquired a majority stake in Lagos-based Zuvy Technologies in an all-cash deal. The transaction, which gives BAS over 50% ownership and full operational control, sees all institutional investors bought out. Co-founders Angel Onuoha and Ahmad Shehu will retain minority stakes but are no longer involved in operations.

Zuvy, founded in 2021, provides short-term credit to SMEs through invoice discounting. It enables vendors supplying major corporations like Dangote and Rite Foods to get early payment on verified invoices. BAS views this as a strategic addition to its SME lending portfolio, allowing it to serve businesses without requiring traditional collateral.

The acquisition complements BAS’s existing products under its finance arm, including payroll loans, car-backed loans, and collateralised SME lending. Zuvy’s platform will be integrated into BAS Finance Company and layered with other services like micro-insurance and health coverage to serve small businesses more holistically.

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Key Takeaways

With Nigeria’s $236 billion SME credit gap, BAS Group is betting that invoice-based lending can unlock faster, lower-risk financing. Most small businesses lack the collateral or paperwork needed for traditional loans. By leveraging verified invoices from large, creditworthy buyers, BAS hopes to scale its lending with lower default risk. Zuvy had already pivoted from direct lending to loan origination to reduce capital dependency. The platform helped over 1,500 businesses access credit and had repaid $4 million in debt by the time of acquisition. Despite profitability, Zuvy struggled to expand its loan book without deep-pocketed backers—a gap BAS now fills. BAS currently manages a ₦1.5 billion ($967,355) loan book and will route future disbursements through Zuvy’s digital infrastructure. No layoffs are planned, and Zuvy’s tech and business teams will stay on.

Startups

BAS Group

Nigeria

Fintech

Invoice Financing

Zuvy Technologies

Acquisition