Nigeria Fintech, Gigbanc Shuts Down, Urges Customers to Withdraw Funds.
Nigerian fintech startup Gigbanc has announced it is winding down operations, and urges its clients to withdraw their balances in the near future.
The company confirmed the decision in a statement signed by its co-founders. It said, “After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations, reflects the broader funding environment affecting early-stage startups in Africa, a challenge that has been widely documented across the ecosystem.”
Since its founding, Gigbanc grew a community of more than 150,000 people across multiple countries and processed over $7.28 million (₦10 billion) in payment volume. The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
The Merge Behind the Shutdown!
Despite the shutdown, Gigbanc said it is not walking away empty-handed. The company disclosed that it is in active acquisition discussions with a prominent financial infrastructure firm. Further details will be shared once the process is done.
Co-founder and CEO Paul Omoregie Okundaye and co-founder and CTO Babatope Oni framed the closure as the end of a chapter rather than the erasure of Gigbanc’s impact. “While Gigbanc is winding down operations, we don’t see this as the end of what we built together. Instead, we see it as the completion of an important chapter. The relationships, lessons, community, and impact we’ve created will continue to outlive the company itself.”
The founders thanked users for their trust throughout the company’s run. Citing everything from transactions and feature requests to bug reports and criticism as forces that shaped the product.
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One Amongst Many!
Gigbanc’s exit adds to a growing list of African startups that have shut down or scaled back operations in recent years as venture funding on the continent has tightened, with founders increasingly citing capital scarcity as the primary driver behind closures and consolidations.
