Collect Africa, a Nigerian fintech that set out to simplify payments for small businesses, will shut down by August 31, 2025. After four years of helping merchants manage financial operations, the team is now turning its full attention to a new stablecoin-focused platform, Autospend.
“After much consideration, we have made the difficult decision to wind down the business,” the company said in an email to users. Customers have been advised to withdraw all remaining funds from their accounts ahead of the closure.
Founded in 2021 by Abraham Ojes and Wale Martins, Collect Africa built tools to help small and medium-sized businesses accept payments across bank transfers, POS terminals, QR codes, payment links, and direct debits, all through a single dashboard. It positioned itself as a better alternative to the fragmented payment systems most SMEs had to deal with.
Since launch, Collect Africa has processed over $4 million in payments, with 5,000 businesses registered and more than 50,000 transactions processed on its platform. Monthly revenue stood at approximately $5,000, with an average annual growth rate of 25%, according to figures shared by early-stage investor Ajim Capital.
The startup also drew attention from other investors. It was one of 21 African startups selected for the inaugural ODX accelerator, where it secured $125,000 in funding. Before that, it was one of eight fintech startups chosen for the GreenHouse Lab accelerator, receiving $10,000 towards its pre-seed round.
SponsoredBut according to co-founder Abraham Ojes, Collect’s shutdown marks the beginning of a new phase. “After four years of building Collect and helping hundreds of merchants manage payments, we saw firsthand how big the need is for global, instant, and affordable money movement,” he said.
That realisation led to Autospend, a separate startup launched earlier in 2025. The new startup helps businesses and individuals move money using stablecoins for payments, savings, and expense management, something Ojes describes as “the next chapter of what we’ve been building all along.”
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“Collect App has been an incredible journey,” he added. “But over time, we realised there’s a much larger opportunity to solve a global problem. As part of this strategic shift, we made the decision to sunset Collect by August 31 so we can dedicate all resources to growing Autospend.”
Collect’s shutdown reflects a growing trend among African fintechs: shifting from local payment tools to infrastructure that enables broader, cross-border financial access. As Autospend takes shape, the team is betting that stablecoins will define the next phase of global money movement from the continent.
