A Nigerian fintech startup is shutting down after three years, citing difficulty raising funds and rising operating costsCustomers have until July 31 to withdraw their legitimate funds as the company ends operationsGigbanc’s closure reflects the growing funding challenges facing African startups, with fewer investment deals
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Nigerian fintech startup Gigbanc has announced plans to cease operations after three years in business, blaming the increasingly difficult fundraising environment for its decision to shut down.
The company, which developed cross-border payment solutions for freelancers, digital creators, remote workers and businesses, disclosed that it is currently in acquisition discussions with an unnamed Nigerian fintech infrastructure provider as it explores an exit strategy.
Photo: L-R: Gigbanc founders Babatope Oni (CTO) and Paul Omoregie Okundaye (CEO)Source: UGC
Gigbanc also advised customers to withdraw their funds before its closure. Users have until July 31 to
