Nigeria, Jan. 14 -- Paystack has launched a microfinance bank in Nigeria, marking a major expansion of its role from payment processing into broader financial services for businesses and individuals.

The Stripe-owned Nigerian fintech disclosed the launch on Wednesday.

The new entity, Paystack Microfinance Bank (MFB), will operate independently of Paystack Payments Limited, the company said, with its own licence, governance structure and product roadmap. While the two firms will work closely, Paystack said each would focus on its specific mission.

Founded in Nigeria ten years ago to simplify digital payments, Paystack has grown into one of Africa's most prominent fintech companies, operating in five countries and processing trillions of...