First Ally Capital Acquires 60% Stake in Fintech Firm Migo to Deepen Financial Inclusion
First Ally Capital has acquired a 60% stake in fintech firm Migo, aiming to expand digital credit access and deepen financial inclusion across Nigeria.
The deal marks a major step in First Ally’s tech-driven growth strategy, with Migo set to operate independently while benefiting from institutional support and scale.
In a bold move to expand its footprint in Nigeria’s digital financial services landscape, First Ally Capital Limited has acquired a controlling 60 per cent equity stake in Mines.io Nigeria, popularly known as Migo. The fintech company is renowned for deploying artificial intelligence (AI) and machine learning (ML) to extend credit access to underserved individuals and small businesses across the country.
The landmark acquisition signals First Ally’s strategic shift toward digital innovation and reinforces its mission to leverage emerging technologies to enhance financial inclusion. The deal also marks the evolution of a long-standing partnership between the financial services firm and Migo, which is already recognized as a key player in Nigeria’s rapidly growing digital lending ecosystem.
A natural progression of partnership
Speaking at the signing ceremony, held at First Ally Capital’s headquarters on Ajose Adeogun Street, Victoria Island, Lagos, the Group Managing Director of First Ally, Ebenezer Olufowose, emphasized the significance of the acquisition.
“This is a major milestone and a logical next step in our strategic relationship with Migo. We’ve been involved with Migo from the very beginning as a seed investor and a strategic partner. Over the years, we’ve watched the company grow and pioneer digital lending solutions with impressive reach,” Olufowose said.
He further noted that the acquisition strengthens First Ally’s position as a technology-driven financial services provider. “We are committed to deploying responsible technology that not only drives innovation but also expands access to financial services among those traditionally left behind,” he added.
Optimizing algorithms, scaling impact
Also commenting on the development, Winston Osuchukwu, CEO of Mathesis Analytics, which previously held full ownership of Migo, expressed optimism about the collaboration.
“This new phase with First Ally is an exciting one. Their institutional strength and market insights will go a long way in supporting Migo’s mission to serve Nigeria’s financially underserved population,” Osuchukwu stated.
He explained that while First Ally now holds a majority stake, the partnership allows Mathesis Analytics to sharpen its focus on enhancing Migo’s proprietary algorithms and scoring models. “We are confident this synergy will unlock more value for customers and partners across Nigeria,” he said.
The acquisition received the green light from the Federal Competition & Consumer Protection Commission (FCCPC), and definitive agreements have been signed by both parties.
Migo to operate independently
Following the acquisition, Migo will continue to function as an independent entity within the First Ally Group. This model ensures operational continuity while also enabling Migo to benefit from the strategic support, infrastructure, and scale offered by its new majority stakeholder.
The partnership represents a significant boost for Nigeria’s fintech sector, particularly in the digital lending space, where millions still remain financially excluded. With First Ally’s backing, Migo is poised to scale its services, improve financial access for underserved communities, and reshape the future of digital credit in Nigeria.
As digital transformation continues to redefine financial services globally, the deal marks a clear signal of First Ally’s intent to lead in driving innovation for inclusive economic growth.
