Nigerian fintech Brass resolves transaction delays

Iyinoluwa Ajayi, co-founder of Nigerian fintech startup Twinkle, endured a month-long payment delay with Brass, a separate Nigerian fintech company. Ajayi's experience reflects wider user complaints about Brass's payment processing since last year.

Amidst user frustration and complaints, Brass CEO Sola Akindolu attributed the delays to a limited number of businesses (80) and challenging economic conditions. On Monday, Brass said that the transaction delays were finally resolved and user funds were returned.

"I have finally gotten my money out of Brass," Ajayi confirmed in a tweet on Tuesday. Other users corroborated the resolution of delays but also criticised the lack of user support from Brass during the issue. In a separate confirmation, a test transaction conducted by Bendada.com was processed successfully.

Launched in 2020, Brass caters to small and medium-sized businesses with a comprehensive suite of financial tools. This includes credit and payment processing, payroll and expense management, API access, cash flow analysis, team and client management features, and core business services like point-of-sale systems, debit cards, and credit cards—all integrated within a dedicated business bank account.

Brass serves over 5,000 customers; from educational institutions and shopping centres to restaurants and tech startups like Eden and Mono. The fintech startup has raised at least $2 million in funding.

"Our goal is to deliver a modern excellent business banking experience, and we fell well short of this...We'll work hard to re-earn your trust," Akindolu told users in an email.

Recently, Brass temporarily discharged a few of its employees citing economic challenges. The company aims to restructure its operations to adapt to the current economic climate.