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.
Originally published by TechCabal.