Payday, which had previously announced its exploration of sale options, will be fully integrated into Changera, with Changera assuming control of Payday’s entire customer base. The integration is expected to address some of the challenges Payday had faced due to its reliance on third-party integrations, potentially improving both customer experience and service reliability.

While the financial terms of the deal have not been disclosed, sources close to the matter indicate that it is an all-stock deal valued at “millions of dollars.” Additionally, Payday’s CEO, Favour Ori, is expected to step away from his role, with Bitmama’s established leadership and robust technical team taking over.

For Payday’s over 300,000 customers, there are expected to be minimal disruptions. Payday’s brand will continue to operate under the Changera umbrella, supported by its stablecoin infrastructure.

Changera customers, on the other hand, will benefit from an expanded range of services, gaining access to Payday’s digital payment solutions. In the short term, there will be no changes to the fee structures or terms of service for Payday customers. However, as the integration progresses, customers can anticipate an expanded suite of services and potentially new features that leverage the combined strengths of Bitmama and Payday.

The acquisition of Payday by Bitmama aligns with a broader trend of strategic consolidations within the fintech industry. This consolidation trend suggests an emerging pattern where fintech companies are increasingly seeking strategic partnerships and acquisitions to overcome market challenges and scale operations.

Bitmama’s acquisition of Payday is a significant step forward for the company, positioning it to become a leading provider of cross-border payments solutions in Africa. The acquisition is also expected to benefit Payday’s customers by providing them with access to a wider range of services and potentially improved customer experience.