Gigbanc winds down despite 150,000 users, exposing African fintech compliance costs

Nigerian fintech Gigbanc has wound down operations and is pursuing acquisition after failing to secure further fundraising, despite having amassed 150,000 users. Analysis of the closure identifies compliance costs and infrastructure expenditure as the primary factors that rendered the business unviable. The case exposes structural risks facing early-stage African fintechs operating cross-border payment products.