Nigerian Fintech Startup Gigbanc Winds Down Operations

Nigerian fintech startup Gigbanc has announced that it is winding down operations, citing the increasingly difficult funding environment facing many early-stage startups across Africa.

Founded to simplify cross-border payments for freelancers, creators, entrepreneurs and businesses, Gigbanc built a platform that enabled users to receive international payments more easily. In a statement issued by its co-founders, the company said the decision followed careful consideration and reflected the realities of the current startup funding landscape.

“The broader funding environment affecting early-stage startups in Africa has made it increasingly difficult to continue operating,” the founders said, noting that the challenges have been widely experienced across the continent’s startup ecosystem.

Building a Cross-Border Payments Platform

During its operations, Gigbanc built a community of more than 150,000 users across multiple countries and processed over US$7.28 million (₦10 billion) in payment volume. The company said it also supported entrepreneurs and creators through conferences, fellowships and community initiatives designed to strengthen collaboration across Africa. For many users, the platform provided a simpler way to receive international payments, helping freelancers, creators and small businesses participate more easily in the global digital economy.

Acquisition Talks Continue

Although Gigbanc is shutting down, the founders revealed that discussions are underway with a financial infrastructure company regarding a potential acquisition. Further details will be shared if the transaction is completed. Reflecting on the company’s journey, co-founder and CEO Paul Omoregie Okundaye and co-founder and CTO Babatope Oni described the closure as the end of one chapter and not the end of Gigbanc’s legacy.

“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,” they said.

The founders also thanked customers, partners and the wider community for supporting the business, acknowledging that user feedback, feature requests and even criticism helped shape the platform throughout its growth.