Gigbanc to Wind Down Nigeria Operations, Seeks Acquisition

In Short

• Nigerian fintech Gigbanc is winding down operations after three years.
• The company says fundraising has become too difficult and it is now in acquisition talks.
• Customers have until July 31 to convert balances to naira and withdraw eligible funds for free.

What Happened

Gigbanc, a Nigerian fintech focused on cross-border payments for freelancers, creators, remote workers, and businesses, is shutting down.

In a statement shared with TechCabal, Gigbanc said it is in acquisition discussions with an unnamed Nigerian fintech infrastructure provider. Fintech infrastructure is the behind-the-scenes software that helps other financial apps move money, verify users, and connect to banks.

Gigbanc told customers they can convert their account balances to naira and withdraw to local bank accounts at no cost until July 31. The company said withdrawals apply to non-fraudulent funds.

The startup did not share details about its fundraising attempts. It linked the shutdown to a tougher venture capital market for early-stage companies.

The wider market data supports that pressure. African startups raised $1.44 billion in the first half of 2026, slightly up year on year, but disclosed deals fell to 146 from 252 in H1 2025. Fewer deals usually means more startups competing for fewer cheques.

Gigbanc co-founder and CEO Paul Omoregie Okundaye said the team built the company around the idea that “Africa’s talent deserves financial infrastructure worthy of its ambition,” and said the company is proud of what it achieved.

Why It Matters

Gigbanc’s wind-down is another sign of what the current funding market is doing to early-stage fintechs in Nigeria. When startups cannot raise a new round or reach profitability fast enough, they often choose between shutting down or selling.

For freelancers and remote workers, it is also a reminder to spread risk across payment options. Cross-border payment apps can change quickly when funding runs tight, especially when compliance and operating costs rise.

For investors and operators, the acquisition talks suggest infrastructure providers may keep buying customer-facing products that have traction, even if the startups behind them run out of runway.