Nigerian Fintech Gigbanc to Shut Down, Urges Customers to Withdraw Funds Before July 31
Nigerian financial technology startup Gigbanc has announced plans to cease operations after three years in business, citing mounting financial pressures and difficulties in securing fresh investment. The company said the decision follows a prolonged struggle with rising operating costs, increased regulatory compliance expenses, and limited access to new funding needed to sustain its operations. According to Gigbanc's Chief Executive Officer, Yemi Okundaye, the company explored several options, including restructuring its business model. However, efforts to attract additional investors were unsuccessful, making an acquisition the most practical solution. "Pursuing an acquisition became the most practical path forward," Okundaye said. Customers Asked to Withdraw Their Money Gigbanc has advised all customers to convert any foreign currency balances into Nigerian naira and transfer their funds to local bank accounts before July 31, 2026. The fintech company assured users that...