BAS Group Acquires Zuvy to Expand SME Lending in Nigeria

BAS Group, a Nigerian investment firm with interests in healthcare, micro-insurance, and financial services, has acquired a controlling stake in Lagos-based fintech startup Zuvy Technologies. This strategic move strengthens BAS’s push into Nigeria’s underserved small business finance sector—one plagued by a staggering $236 billion credit shortfall.

Though the financial terms were not disclosed, the deal gives BAS over 50% ownership of Zuvy and full operational control. As part of the acquisition, all institutional investors have exited, while Zuvy’s co-founders, Angel Onuoha and Ahmad Shehu, retain minority shares but are stepping back from daily management.

Founded in 2021, Zuvy helps small businesses access short-term financing by offering invoice discounting—essentially allowing vendors to receive early payments on invoices issued to large companies. These loans typically run for 60 to 90 days, backed by verified invoices from major clients such as Dangote Group, Eat n’ Go (operator of Domino’s Pizza), and Rite Foods. This verification process helps reduce credit risk and accelerate funding decisions.

For BAS Group, Zuvy’s platform is a valuable addition to its growing portfolio of SME-focused financial services. “This is a natural extension of what we’re already doing,” said Abdulateef Hussein, BAS Group founder and CEO. “Zuvy fits right into our lending strategy. We’re simply adding invoice-based credit to the mix.”

Hussein explained that the acquisition allows BAS to tap into Zuvy’s large vendor network and enhance its lending confidence through credible buyer-side relationships. These invoices from established companies act as quasi-collateral, helping small suppliers secure loans without traditional security.

Zuvy’s evolution into a tech-enabled loan originator rather than a direct lender made it more scalable. Initially reliant on raising funds to issue loans directly, Zuvy pivoted to a model that facilitated financing through third-party capital providers. This change enabled the startup to grow its loan volume tenfold, though it required giving up some control over individual lending decisions. Despite these trade-offs, Zuvy was profitable at the time of acquisition and had fully repaid its $4 million debt from a 2023 funding round led by TLG Capital and others.

Still, growth challenges remained. Scaling a loan book in Nigeria’s tough economic environment—especially for a fintech focused on short-term credit—required more than just innovation. It required capital, partnerships, and robust infrastructure. That’s what led the startup to the negotiating table with BAS.

For BAS, the acquisition is more than just adding another product—it’s part of a larger strategy. In 2025, the company launched BAS Finance Company, a lending subsidiary offering payroll loans, vehicle-backed loans, and secured SME credit. Yet, Hussein admitted these products didn't meet the needs of many businesses. With Zuvy, BAS gains a solution to serve vendors who were falling through the cracks of traditional lending models.

Going forward, BAS plans to integrate Zuvy into its broader ecosystem, which includes micro-insurance through ALLY Microinsurance and a stake in microfinance player ALLYCare. These services—ranging from credit-life insurance to health cover—can now be bundled with invoice financing, offering small businesses a more complete financial toolkit.

“A lot of the heavy lifting has already been done by Zuvy,” said Hussein. “We’re coming in with our capital, infrastructure, and market relationships to scale it up.”

In short, BAS isn’t just buying a startup—it’s investing in a platform that could become the backbone of its SME finance ambitions.