Nigerian fintech Gigbanc is shutting down three years after it first launched. Users have until July 31 to withdraw non-fraudulent funds for free. The startup is reportedly in acquisition talks and will hope for a favorable outcome. The startup provided banking and cross-border payment services for freelancers and businesses in Africa.
Gigbanc was founded by Paul Okundaye and Babatope Oni, both of whom came with fintech and consulting experience. Oni previously worked at FairMoney, Traction Apps, and Gokada, while Okundaye worked at Bain & Company and Microsoft.
Okundaye revealed that the decision to shut down operations came down to three reasons: an inability to raise capital, high know-your-customer (KYC) costs, and high infrastructure costs.
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Last updated: July 10, 2026
