BAS Group, a Nigerian investment firm with interests spanning healthcare, finance, and micro-insurance, has acquired a controlling stake in Zuvy Technologies, a Lagos-based fintech startup providing invoice discounting solutions to small and medium-sized enterprises (SMEs). While the financial terms of the all-cash deal remain undisclosed, the acquisition grants BAS more than 50% ownership and full operational control.
As part of the transaction, all institutional investors in Zuvy have exited, while co-founders Angel Onuoha and Ahmad Shehu will retain minority stakes but are stepping away from day-to-day management.
Expanding Access to SME Credit
The acquisition strengthens BAS Group’s ambitions in Nigeria’s underserved SME lending market, which faces a staggering $236 billion credit gap, particularly for businesses without traditional collateral. Zuvy’s platform enables vendors—especially those supplying large corporations—to receive early payment on verified invoices, offering a practical solution to cash flow issues.
“Zuvy complements our existing financial services perfectly,” said Abdulateef Hussein, BAS Group’s CEO and founder. “It’s a seamless addition to our lending arm and aligns with our goal to make financing more accessible to Nigerian businesses.”
Zuvy’s model of short-term invoice-backed lending (60–90 days) reduces risk by leveraging the credibility of large buyers such as Dangote Group, Eat N’ Go, and Rite Foods.
A Strategic Pivot Pays Off
Launched in 2021, Zuvy initially operated as a direct lender but later pivoted to a loan origination model—matching SMEs to institutional capital. This shift allowed the company to grow its loan book by over 10 times, despite losing direct control over disbursements.
“Direct lending offered control, but origination offered scale,” said co-founder Angel Onuoha, who confirmed that Zuvy was profitable at the time of acquisition and had fully repaid its $4 million debt from its 2023 funding round.
That round included $4.5 million in combined debt and equity from investors such as TLG Capital, Dunbar Capital, and Next Chymia Consulting HK, alongside several notable angel backers.
BAS Group’s Broader Lending Vision
The acquisition marks a critical step in the expansion of BAS Finance Company, the group’s finance subsidiary launched in 2025. While the firm already offers products such as payroll loans, car-for-cash lending, and collateral-backed SME loans, many Nigerian SMEs remain unqualified for these due to a lack of assets.
“Most SMEs don’t have property to use as collateral,” said Hussein. “Invoice discounting allows us to rely on the credibility of anchor buyers to offer financing quickly and securely.”
BAS currently manages a ₦1.5 billion (~$970,000) loan book, with plans to scale repayments and disbursements via Zuvy’s technology platform.Smooth Integration and No Layoffs
The integration of Zuvy will be led by Kayode Adnan, Chief Operating Officer of BAS Group, who also oversees its lending business. Zuvy’s tech and business development teams will remain intact under the BAS umbrella.
“We’ve had a long-standing relationship with the Zuvy team,” Hussein noted. “We’re not expecting any culture shocks—this is a natural evolution.”
Zuvy’s platform will now be bundled with BAS Group’s wider suite of financial services, including ALLY Microinsurance, banking solutions, and credit-life insurance, providing a comprehensive financial ecosystem for small businesses.
Conclusion
This acquisition not only underscores BAS Group’s commitment to bridging Nigeria’s SME financing gap but also reflects a broader shift toward non-collateralized, tech-driven lending models. With Zuvy now integrated into its operations, BAS Group is poised to reach thousands more SMEs with innovative financing tools tailored to their real-world needs.
