The platform, powered by C2FO and backed by the International Finance Corporation, connects suppliers, large companies and financial institutions on one system.

It allows businesses, especially micro, small and medium enterprises (MSMEs), to access cash tied up in approved invoices without collateral.

At full scale, the platform is projected to generate between $25 billion and $30 billion in annual financing for businesses in Nigeria.

CycleFlow Nigeria Chairman, Segun Ogunsanya, says the launch is designed to solve a basic problem where many small businesses deliver goods or services and wait 60 to 120 days to get paid. During that period, they find it difficult to fund operations, pay staff or take new orders.

With this system, once an invoice is approved by a large buyer, the supplier can choose to receive payment early at a discounted rate. The money can come from banks or the buyers themselves.

Segun Ogunsanya, chairman of CycleFlow Nigeria, said the platform addresses a core challenge in the financial system.

“By enabling immediate access to funds locked in accounts receivable, we are not just financing businesses; we are powering economic growth across the entire ecosystem.”

Across Africa, MSMEs make up about 90% of businesses and account for up to 80% of employment. However, access to credit is still limited. In Nigeria, many of these businesses cannot meet bank requirements such as collateral or long credit histories.

CycleFlow takes the risk away from the small business and ties financing to the credit strength of the larger buyer. That structure allows suppliers to access funds faster and on better terms.

On the economic impact, data from the IFC shows that every $1 million in financing for small businesses can create an average of 16.3 direct jobs over two years.

At scale, the platform could support more than 480,000 direct jobs in Nigeria, with indirect employment running into millions.

Mohamed Gouled, IFC’s vice president for Products & Clients, said the model changes how businesses access capital.

“Millions of MSMEs across Africa are sitting on receivables they cannot convert into much-needed capital to grow and hire. This platform changes that equation.”

The system also removes several limitations common in traditional lending. There are no loan applications, no collateral requirements and no lengthy approval processes. Suppliers decide when to access funds and at what cost.

Alexander “Sandy” Kemper, founder and CEO of C2FO, said the launch in Nigeria marks the start of a bigger expansion.

“This launch kicks off our broader strategy to bring affordable liquidity solutions across Africa and other emerging markets worldwide.”

The platform already operates globally and processes millions of invoices daily. It has funded hundreds of billions of dollars in working capital to businesses since its launch.

CycleFlow’s launch in Nigeria comes as the government focuses on stronger support for small businesses. MSMEs are important to job creation and economic growth but still face funding constraints.

Linking buyers, suppliers and financiers in one system, the platform is expected to improve cash flow across supply chains and reduce delays that slow business activity.

SMEs no longer need to wait months to be paid, they can access their money in days.

The cash deal, which gives BAS Group over 50% ownership, will enable the company to strengthen its presence in the country’s fragmented small and medium enterprise (SME) lending market.

All of Zuvy’s institutional investors have exited. Co-founders Angel Onuoha and Ahmad Shehu retain minority stakes but are no longer involved in daily operations. BAS Group now assumes full operational control of Zuvy, integrating it into its broader financial services architecture.

The acquisition is a structural change and BAS Group is targeting Nigeria’s massive credit gap, estimated at $236 billion, that continues to limit small business growth.

Startup Zuvy Raises $4.5 Million to Revolutionize SME Invoice Financing in Africa

Through the incorporation of Zuvy’s invoice-discounting model, BAS can now offer SME credit without traditional collateral, leveraging verified invoices as a basis for lending.

“Think of the Zuvy platform as another add-on under our finance arm,” said Abdulateef Hussein, CEO and founder of BAS Group. “It’s going to be very seamless for us because it’s just a new product added to our lending offerings.”

This model isn’t entirely new, but Zuvy had managed to build a credible vendor pipeline, offering short-term (60 to 90-day) loans against invoices verified by large corporate buyers. 

With partners like Dangote, Rite Foods, and Eat n’ Go, Zuvy’s network gave BAS Group an efficient route to expand its SME loan book while reducing lending risk. Hussein noted that, “Most SMEs in Nigeria don’t have real estate or collateral, and even when they do, the approval process is long.”

Zuvy’s strategy wasn’t always sustainable. Initially a direct lender, the startup struggled with scalability as it depended heavily on external fundraising. That model changed when the team pivoted to loan origination, enabling partnerships with financiers while sacrificing some control over loan disbursement. 

This resulted in Zuvy scaling its portfolio tenfold. But growth alone wasn’t enough to keep the founders at the helm.

“Zuvy was profitable at the time of acquisition,” Onuoha confirmed, even as he and Shehu stepped away to focus on their new venture, Avelis Health, which was accepted into Y Combinator’s Summer 2025 cohort. 

“When you’re doing direct lending, you have full control over the exact types of loans you want to disburse, but it relies on constant fundraising to actually scale your loan book,” he added.

Their exit was premeditated. The two officially disengaged from Zuvy in March. Their new startup, Avelis Health, tackles complex medical billing in the United States, an idea born from personal experience. “I’ve had a chronic knee injury for the past decade,” Onuoha said. 

“In the US, medical billing is an extremely complex system. Oftentimes, when you go to the hospital, you’re massively overcharged, and your bills are full of errors. I wanted to find a way to help patients push back against those bills and give them the tools to actually pay fair prices for the care they receive.”

Meanwhile, BAS is moving ahead. In 2025, the group launched BAS Finance Company with a set of products including payroll loans, vehicle-backed loans, and collateral-based SME lending. 

But many businesses fell through the cracks. The Zuvy acquisition fills that gap, offering alternative credit lines for vendors who can’t meet traditional loan requirements but have solid invoice histories with blue-chip firms.

BAS currently manages a ₦1.5 billion loan book and plans to integrate Zuvy’s tech-driven platform to scale distribution. According to the group, no layoffs are expected, and Zuvy’s product and development teams will continue under BAS management. The integration will be led by Kayode Adnan, BAS Group’s COO.

This aligns with BAS Group’s longer-term strategy of building a seamless ecosystem of financial services. Already holding stakes in a microfinance bank and a licensed microinsurance company (ALLYCare and ALLY Microinsurance), the group is layering these services to deliver bundled offerings; banking, health cover, invoice financing, under one roof.

“We are excited about this acquisition,” Hussein said. “A lot of the infrastructure is ready. It is just for us to scale it with our capital and institutional relationships in the market. A lot of the repayments we will be receiving will now be channelled through the Zuvy platform.”