A fintech startup that provided cross-border payment infrastructure for businesses, enabling transactions in multiple currencies.
Onafriq shuts down its Nigerian agent banking business after five years
Onafriq is closing its Baxi agent banking business in Nigeria after five years. The decision is attributed to inflation, naira depreciation, and rising operating costs.
Five months after running out of capital, Chimoney gets a new owner
CapitalSage Vantage Limited completes the acquisition of Chimoney, ending five months of uncertainty for the startup. Chimoney had previously announced its shutdown in May due to insufficient capital, leading to halted transactions and customer refunds.
Nigerian fintech Gigbanc winds down operations citing fundraising struggles, pursues acquisition
Gigbanc is ceasing operations after three years due to tough fundraising conditions. The startup is in acquisition talks with an undisclosed Nigerian fintech infrastructure provider.
Fintech Chimoney to be acquired four weeks after announcing shutdown
Chimoney announced its shutdown in May due to insufficient capital. Chi Technologies Inc. signed an acquisition agreement with CapitalSage Vantage Limited.
Techstars-backed fintech Chimoney shuts down, to refund customer balances
Chimoney has shut down operations, citing a lack of capital to sustain its business. The company stopped processing new transactions and began refunding customer balances as of May 1, 2026.
