Allawee, a Nigerian card-issuing fintech, will close its business and personal account services on December 1, 2026, after Paystack acquired the company in 2025 in a deal that was not publicly announced, according to emails sent to Allawee customers.
In two emails seen by TechCabal, Allawee said its technology now operates within Paystack and told customers that “any payment sent to your Allawee account number from December 1 will fail,” adding that its cards will stop working regardless of the expiry date printed on them.
Allawee is the second fintech brand Paystack has acquired and folded into its operations this year, after it folded business banking startup Brass into its microfinance bank in June. Since January, Paystack has also acquired Ladder Microfinance Bank, giving it a banking licence, and restructured under a new holding company.
The deals show Paystack, Nigeria’s largest payments processor, assembling the pieces of a financial-services business through acquisitions rather than building each one from scratch.
Allawee and Paystack declined to comment on any part of this article.
Customers have until November 30 to withdraw their balances, share new bank details with anyone who pays them, and replace saved Allawee card details on subscriptions.
“Your money will remain yours,” Allawee said in the email. “It won’t expire or be forfeited, and any remaining balance will stay safely recorded. However, you’ll need to email [email protected] to request a manual payout. Because this process may take longer, we strongly recommend withdrawing your balance before the deadline.”
Founded in 2022 by Ikenna Enenwali and Oreofe Olurin, Allawee has changed direction twice. It launched as a credit card lender, then became a credit-risk software that other companies could plug into…
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Read Full Article by Muktar Oladunmade at techcabal.com
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