First Ally capital acquires majority stake in fintech firm Migo

First Ally Capital Limited has taken a major step to deepen its impact in Nigeria’s digital financial services sector by acquiring a 60 percent equity stake in Mines.io Nigeria, known commercially as Migo. The fintech company specializes in using artificial intelligence and machine learning to provide credit solutions to underserved individuals and small businesses.

The acquisition aligns with First Ally’s strategic goal of leveraging technology to expand financial services access across Nigeria. Migo’s innovative platform enables digital lending through advanced credit scoring, offering seamless credit access to those traditionally excluded from formal financial systems.

Ebenezer Olufowose, Group Managing Director of First Ally Capital, described the deal as a natural progression of a long-standing partnership. “We are delighted to mark this significant milestone that strengthens our relationship with Migo. Having been seed investors and strategic partners, we have witnessed Migo’s growth into a key player in digital lending. This acquisition reinforces our commitment to innovation and financial inclusion through responsible technology,” Olufowose said.

Winston Osuchukwu, CEO of Mathesis Analytics, the previous sole owner of Migo, welcomed the partnership, highlighting the value First Ally brings. “This collaboration opens an exciting new chapter for Migo and Mathesis Analytics. First Ally’s institutional strength and market insight will help us better serve Nigeria’s underserved markets while allowing us to focus on optimizing our credit algorithms,” Osuchukwu stated.

The transaction was finalized after regulatory approval from the Federal Competition & Consumer Protection Commission (FCCPC) and formal agreement signings at First Ally’s Lagos headquarters. Migo will continue to operate independently under the First Ally Group umbrella.

This acquisition follows First Ally’s decade-long growth marked by strategic fintech partnerships and a focus on technology-driven financial inclusion. The company also recently rebranded its microfinance subsidiary and launched new advisory and trustee services to broaden its market reach.