Nigerian crypto platform Bitmama is set to acquire African remittances startup Payday for $1 million, valuing Payday at $30 million.

The acquisition comes nearly a year after Payday raised $3 million in funding, marking a significant expansion for Bitmama.

Bitmama's move to acquire Payday aligns with its strategy to broaden its offerings to include cross-border remittances.

The deal will see Bitmama taking over Payday's customer deposits and liabilities, enhancing Bitmama's market presence.