Nigerian Fintech Consolidation Accelerates as Zedcrest Acquires Leatherback and Cash Exits Banking System

Nigeria's fintech ecosystem is consolidating around infrastructure players, with Zedcrest's acquisition of cross-border payments startup Leatherback marking the latest M&A move. Five years after initially backing Leatherback, Zedcrest now owns the company outright for an undisclosed sum, gaining critical payment rails for collecting, holding, converting, and moving money across borders. The deal reflects a broader trend: fintech investors increasingly prefer to bring payments...