• Gigbanc, a 3-year-old Nigerian fintech company serving over 150,000 freelancers and remote workers, is winding down operations and customers have a hard withdrawal deadline
• The shutdown is part of a bigger funding drought hitting African startups, with fewer deals closing in 2026 despite total VC dollars rising slightly
• Here are alternative apps for Nigerians who send or receive foreign currency to move to and how to protect your money going forward

If you're a Nigerian freelancer who gets paid in dollars, you probably have that one app you trust with your foreign money. For thousands of us, that app was Gigbanc.

Gigbanc, the platform that lets you hold dollars, get a virtual card, and receive foreign payments without stress, just told its users it's closing down.

And if you've never even heard of Gigbanc, this still concerns you. Because it's not really about one app. It's about what's happening underneath Nigeria's whole cross-border fintech scene, and it could be your app next.

Gigbanc, founded in 2023, built the promise to give African freelancers, creators, and remote workers a proper home for their dollar income. Multi-currency wallets, virtual cards, and FX at rates that didn't feel like daylight robbery.

Three years later, the company announced it was winding down. Gigbanc served over 150,000 users across over 30 countries and processed transactions worth over N10 billion/ $7.28 million.

Real reason for closing down

Gigbanc's co-founder didn't blame competition or bad products. He blamed the high cost of Know Your Customer (KYC) compliance and infrastructure needed to run a B2C cross-border payment business, on top of a brutal fundraising climate for African startups.

This means it costs a fortune to run a legit fintech that moves your dollars around, and investors are no longer throwing free money at every app with a nice logo.

Gigbanc reportedly tried to pivot the business but couldn't raise enough capital to fund the transition.

In May 2026, Chimoney, another Nigerian-founded cross-border payments startup, also ceased operations after failing to raise fresh capital.

Before that, other African startups outside fintech quietly shut their doors too. Lidya, a digital-lending startup founded by ex-Jumia executives, shut down its Nigerian operations after nearly a decade in business.

This isn't one bad company. This is a pattern.

African startups collectively raised $1.44 billion in H1 2026, only a 1.4 per cent increase year-on-year, but the number of disclosed funding deals dropped to 146 from 252 in H1 2025.

What to do if you use Gigbanc

If you have money sitting in Gigbanc, here's your move:

• Convert your balance to naira and withdraw to your Nigerian bank account before the deadline. Gigbanc says withdrawals for legitimate balances are free until July 31.
• Don't wait till the last week. Bank transfers can lag, and you don't want to be the person refreshing your app at 11:58pm on deadline day.
• Screenshot everything including your balance, your transaction history, your withdrawal confirmation. If Gigbanc does get acquired, you want receipts.
• If you've got pending invoices or client payments scheduled to land in your Gigbanc account, redirect them now.

Alternative apps for your money

Here are apps Nigerians are shifting to, and what each one is actually built for.

1. For freelancers who get paid in USD:

Apps like Grey and Cleva let you open dollar accounts and receive international payments without stress. Grey charges roughly a 0.8% deposit fee on incoming USD, a 1% conversion fee, and a flat fee on naira withdrawals. Cleva has positioned itself around simple, reliable USD income accounts for Nigerian professionals.

2. For sending money home from abroad (or receiving from family abroad):

LemFi (formerly Lemonade Finance) remains one of the most popular options, letting you move money between Nigeria and over 20 countries. Wise is another solid pick if you care about transparent, true exchange rates with no hidden markup.

3. For virtual cards and quick FX swaps:

Payday lets you create virtual USD, GBP, and EUR cards fast, useful for online shopping and subscriptions billed in foreign currency.

4. For businesses, not just individuals:

If you run a business that needs to receive international payments at scale, Flutterwave's Send platform and Raenest are built specifically for that — different use case from personal freelance income.

Before you download any app

Don't just chase the app with the flashiest ad on Instagram. Ask three things:

1. Is it licensed: A platform operating as a proper Money Service Business or under CBN-recognised infrastructure is safer than one running purely on vibes.

2. How easy is it to actually withdraw your money: Some apps are smooth going in, and painfully slow coming out. Test with a small amount first.

3. What happens if they shut down: Every fintech, no matter how big, can hit the wall Gigbanc just hit. Never keep all your money sitting in one wallet, foreign or local. Split it. Always have an exit.

5 AI apps Nigerians are using to avoid fintech fraud in 2026

Meanwhile, TheRadar earlier compiled a list of 5 AI-powered tools for fraud detection, transaction monitoring and risk analysis that popular fintech apps rely on to keep users safer.

AI is becoming one of the strongest weapons Nigerians are using to spot scams before money leaves their accounts and knowing how to use these security features can save users from increasingly sophisticated scams.