The company said Brass was originally founded in 2020 to simplify business banking in Nigeria by offering fast account opening, seamless payments, payroll tools, and cash flow management designed for modern SMEs.
Brass Business Banking has announced that it will be transitioning its operations into Paystack Microfinance Bank (Paystack MFB), marking a new phase in its mission to provide stronger financial infrastructure for African businesses.
The company said Brass was originally founded in 2020 to simplify business banking in Nigeria by offering fast account opening, seamless payments, payroll tools, and cash flow management designed for modern SMEs. Over the years, it grew into a widely used platform for founders and small businesses seeking more accessible financial services.
In May 2024, Brass entered a new phase after being acquired by a consortium led by Paystack, alongside PiggyVest, Ventures Platform, and P1 Ventures. According to the company, this acquisition was aimed at strengthening its foundation and exploring how it could evolve within the broader Paystack ecosystem.
Brass noted that following the acquisition, the team undertook a major rebuilding process, improving internal systems and operational processes to enhance reliability and user experience for businesses managing their finances on the platform.
However, the company stated that its next stage of growth requires deeper infrastructure and broader capabilities than it can provide independently. As a result, Brass will now move its business banking operations into Paystack MFB, a licensed microfinance bank within its ecosystem.
Under the transition plan, Brass will cease operating as an independent entity. The company said Paystack MFB offers core services similar to Brass, including business account management, payments, expense tracking, and money transfers, while also providing expanded capabilities for business customers.
Brass added that the migration process will take place gradually, with customers being moved to Paystack MFB in a phased and minimally disruptive manner up until July 31, 2026. All customers will receive direct communication outlining the steps involved in the transition.
The company expressed appreciation to its users, stating that Brass was built with the support of thousands of businesses that trusted the platform to manage their financial operations, and said this transition represents a new chapter aimed at delivering greater value through enhanced infrastructure.
