Gigbanc winds down: Nigerian fintech gives users until July 31 to withdraw funds
Nigerian fintech Gigbanc is winding down operations after three years, giving customers until July 31 to convert balances to Naira and withdraw to Nigerian bank accounts free of charge. The startup, which processed over ₦10 billion ($7.2 million) in payments serving 150,000+ users across 30+ countries, cited struggles to raise fresh capital for its expensive cross-border payment business requiring KYC, compliance, and banking infrastructure. According to TechCabal, Gigbanc is in acquisition talks but couldn't secure funding to pivot from cross-border payments. Its closure highlights a funding crunch in African tech - while funding ticked up slightly in H1 2026, deal count dropped sharply from 252 to 146 year-on-year, meaning investors are writing fewer but larger checks. This leaves many startups stuck between needing product-market fit and investors demanding proven scale first. With Gigbanc's shutdown joining Chimoney's May closure, Nigerian freelancers relying on cross-border payments face disrupted service. Heads up: If you have funds on Gigbanc, withdraw to your Nigerian bank by July 31 at no cost. Watch for acquisition news that might extend services.