Nigerian Fintech Startups Lazerpay, Pivo, Thepeer Shut Down

Between 2023 and 2025, several Nigerian fintech startups shut down despite attracting significant investment. Lazerpay, founded in 2021 by Njoku Emmanuel, ceased operations in April 2023 after failing to secure additional funding, having served over 3,000 businesses.

Pivo Africa, co-founded by Nkiru Amadi-Emina and Ijeoma Akwiwu, announced its closure in December 2023, a year after raising $2 million, with reports suggesting co-founder disagreements contributed to its downfall. Thepeer, a payment-infrastructure startup founded in 2021, shut down in April 2024 after struggling with regulatory compliance and slow adoption of its services.

Each of these companies faced unique challenges that ultimately led to their inability to sustain operations despite initial success and investment.