Gigbanc has announced plans to wind down its operations as it becomes the latest casualty of the difficult fundraising environment confronting Africa’s startup ecosystem despite signs of a gradual recovery in venture capital investment.
The company, which provides cross-border payment services for freelancers, remote workers, creators and businesses, notified customers that it will cease operations after initiating an orderly shutdown process. Customers have been advised to convert their foreign currency balances to naira and withdraw eligible funds to their Nigerian bank accounts before the platform closes.
Gigbanc said withdrawals of legitimate customer funds will remain free until July 31, after which its services will no longer be available. The startup also disclosed that it is in talks to be acquired by an unnamed Nigerian fintech infrastructure company, although no timeline or financial details of the potential deal were provided.
Founded to simplify international payments for Africa’s growing digital workforce, Gigbanc positioned itself as a platform that enabled users to receive payments from overseas clients and convert them into local currency with ease.
The startup served freelancers, remote employees, creators, and small businesses seeking alternatives to traditional cross-border payment channels.
