Nigerian-founded fintech Chimoney shuts down, refunds due by August 2026

Chimoney, a Nigerian-founded fintech that built cross-border payment infrastructure for businesses, has shut down due to lack of capital to sustain operations. As of May 1, 2026, the company stopped processing new transactions and integrations and began refunding customer balances.

Founded in 2022 by Uchi Uchibeke, Chimoney enabled businesses to pay freelancers and vendors in 41 currencies across Africa, North America, and Latin America through a single API. The startup raised between $280,000 to $1 million in funding, which the founder admits was "too thin for a venture-scale fintech across multiple jurisdictions."

Businesses that relied on Chimoney's payment rails need to find alternatives immediately. The company is processing refunds through a self-service dashboard that will remain open until August 31, 2026. Clients can select their preferred payment method and complete two-factor authentication. Refunds are processed within 7-14 business days. Any unclaimed balances after August 2026 will be transferred to Canadian provincial unclaimed property offices.

The shutdown highlights the fragility of building on startup infrastructure. As Uchibeke noted, "When revenue stayed flat, and there was no clear path to additional capital, the responsible decision was to wind down while we could still return every client dollar and meet every regulatory obligation." If you have funds on Chimoney, act now before the August deadline.

SOURCE: https://techcabal.com/2026/05/13/chimoney-shutdown-lack-of-capital/