Lagos, Nigeria – First Ally Capital Limited, a prominent financial services group, has announced a significant strategic move with the acquisition of a 60 percent equity stake in Mines.io Nigeria, operating under the well-known FinTech brand Migo. This acquisition marks a major milestone for First Ally, aligning seamlessly with its overarching objective to leverage technology for broader financial service delivery, particularly to underserved communities.
Migo has established itself as a key player in the digital lending ecosystem, utilizing advanced Artificial Intelligence (AI) and Machine Learning (ML) to provide innovative credit solutions. Its platform has been instrumental in enabling seamless access to credit for both individuals and small businesses, addressing a critical need in the Nigerian financial landscape.
Ebenezer Olufowose, Group Managing Director of First Ally Capital, characterized the acquisition as a natural progression in a long-standing relationship. "We are delighted with this significant milestone that has strengthened our long-standing relationship with Migo," Olufowose stated. He further added, "As one of its seed investors and strategic partners in achieving product/market fit, we have watched the company grow into a key player in the digital lending ecosystem. This acquisition strengthens our commitment to innovation and to expanding financial inclusion through responsible technology."
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| Ebenezer Olufowose, Group Managing Director of First Ally Capital, and Winston Osuchukwu, Chief Executive Officer of Mathesis Analytics, at the signing ceremony to mark First Ally Capital’s acquisition of a 60 percent equity stake in Mines.io Nigeria (Migo). |
Winston Osuchukwu, Chief Executive Officer of Mathesis Analytics, which previously held a 100 percent equity stake in Migo Nigeria, also commented on the transaction. "This partnership with First Ally marks an exciting new phase for Migo Nigeria and Mathesis Analytics," Osuchukwu remarked. He emphasized the benefits of the collaboration, noting, "The Group brings a strong institutional platform and deep market understanding to serve the underserved segment of the Nigerian market. The transaction will also enable Mathesis Analytics focus on continuing to optimize our algorithms and models. We are confident that this collaboration will create significant value for clients and partners across the country."
The acquisition process culminated with a signing ceremony held at First Ally Capital’s headquarters on Ajose Adeogun Street, Victoria Island, Lagos. The completion of the transaction followed the necessary approval from the Federal Competition & Consumer Protection Commission (FCCPC) and the signing of definitive agreements.
Despite the change in ownership structure, Migo is expected to continue its operations independently under the umbrella of the First Ally Group. This strategic integration is poised to amplify Migo's reach and impact, leveraging First Ally's institutional backing to further enhance digital lending and financial inclusion across Nigeria.