Nigerian fintech startup Gigbanc has announced it is winding down operations, becoming the latest casualty of the funding downturn affecting early-stage startups across Africa. The company, which set out to build cross-border financial infrastructure for African freelancers, creators, entrepreneurs and businesses, confirmed the decision in a statement signed by its co-founders.
“After careful consideration, Gigbanc’s leadership has made the difficult decision to wind down operations,” the company said, adding that the move “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, helping thousands of users receive their first international payment. The company also ran conferences, fellowships and community events aimed at connecting entrepreneurs and creators across the continent.
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, with further details to be shared once the process closes.
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 founders said. “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. “We leave this journey incredibly proud. Proud of our team, who gave everything they had. Proud of the community that rallied behind us,” they said.
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.
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