PayDay Acquisition, both sides did not address the leaked report as official press still remains pending.

Moniepoint and PayDay, two Nigerian fintech firms, have denied reports of a planned acquisition. WeeTracker, an African tech publication, had earlier reported that Moniepoint was set to acquire PayDay for $40 million following its $3 million seed round. Moniepoint is a business bank with the largest agency banking network in Nigeria and processed $170 billion in payments last year. PayDay is a neobank that offers virtual dollar cards and other similar services to connect Africans with the world at large.

However, both Moniepoint and PayDay have denied the acquisition reports, with Moniepoint calling its investment in PayDay a "strategic investment" rather than an acquisition. Despite these denials, two sources claim that a deal is still on the table and will likely go ahead in three months. PayDay's strong presence in the remittance market and its significant customer base make it an attractive target for acquisition, and it has previously turned down a $15 million acquisition offer from an African unicorn.

If the acquisition were to go ahead, it could help accelerate Moniepoint's journey towards achieving unicorn status. With its large agency banking network and impressive payment processing figures, Moniepoint is on track to achieve this status soon. PayDay's services and customer base could complement Moniepoint's offerings and help it expand further into the remittance market.