First Ally Capital Limited has acquired a 60% controlling equity stake in Migo Nigeria, a digital credit platform formerly known as Mines.io. This strategic acquisition marks a significant development in the Nigerian fintech space, as it reflects a growing trend of deeper collaboration between traditional financial institutions and technology-driven lending platforms.
Migo, once a high-profile, venture-backed startup operating across Nigeria and Brazil, has evolved into a Credit-as-a-Service platform that enables businesses to offer instant loans using AI-powered credit scoring. With this acquisition, First Ally becomes the majority owner of Migo’s Nigerian operations, strengthening its commitment to expanding financial inclusion through innovative digital solutions.
The deal is not the beginning of the relationship, but a natural progression. First Ally was among Migo’s earliest investors and strategic partners, contributing to the company’s initial product-market fit and growth in Nigeria’s competitive lending environment. The acquisition formalizes years of collaboration and positions both entities for the next phase of scalable, compliant growth.
Ebenezer Olufowose, Group Managing Director of First Ally Capital, emphasized the alignment between Migo’s technology and First Ally’s financial infrastructure. “We’ve supported Migo’s journey from the start, and this transition allows us to further embed innovation into our broader mission of delivering inclusive financial services,” he stated.
The seller, Mathesis Analytics, had taken full ownership of Migo Nigeria following a 2024 merger that combined its operations with the global Migo team. With this transaction, Mathesis retains a 40% stake and shifts its focus back to refining its algorithmic models and deep tech capabilities. Winston Osuchukwu, CEO of Mathesis, noted that the partnership with First Ally will enhance Migo’s market reach while allowing Mathesis to prioritize core innovation.
Beyond the corporate milestones, the timing of this deal is notable. Nigeria’s digital lending market is undergoing increased regulatory scrutiny, with the Federal Competition and Consumer Protection Commission (FCCPC) tightening requirements around licensing, ethical practices, and consumer protection. Migo’s integration into a regulated financial group like First Ally provides a stronger compliance backbone and a clearer path to sustainability.
This acquisition also reflects a wider transformation in Nigeria’s fintech sector. Faced with a global venture capital slowdown, startups are increasingly turning to strategic mergers and acquisitions as viable alternatives to raising capital. In recent months, firms such as Bankly and Brass have undergone similar transitions—an indication that the ecosystem is entering a phase of consolidation and structural maturity.
Unlike earlier narratives focused solely on disruption, this new wave of fintech evolution highlights the value of integration. The Migo-First Ally partnership is a blueprint for combining the speed and innovation of fintech with the capital depth and regulatory discipline of traditional finance. The result is a more resilient model capable of delivering long-term value to both underserved consumers and institutional stakeholders.
Importantly, the impact on financial inclusion could be substantial. Migo’s technology has already enabled millions of underserved Nigerians to access credit. With First Ally’s backing, the reach and responsibility of that mission can now be scaled more sustainably.
As digital finance in Nigeria continues to evolve, this acquisition underscores a key shift in direction: not just moving fast, but moving smart. For fintechs looking to survive and thrive, partnerships like this may well be the future.
