Nigerian Fintech Startup Lidya Shuts Down After Nearly a Decade Amid Financial Crisis

Lidya, a Nigerian fintech startup, ceases operations after facing financial challenges and intense competition in the lending space. Founded in 2016 by Tunde Kehinde and Ercin Eksin, Lidya offered collateral-free loans to SMEs in emerging markets.

Despite initial success, the company struggled to maintain profitability, leading to its exit from the European market in 2023. Lidya's closure in 2025 reflects the difficulties faced in sustaining operations in a volatile economic climate.