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Nigerian lender lidya has ceased operations despite raising $16.45 million, citing financial distress and unresolved customer claims. Employee salaries also remain unpaid. Lidya’s shutdown came after months of internal turmoil marked by key executive exits and unpaid staff
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The closure comes as a surprise, considering the company raised a significant $16.45 million in funding throughout its lifetime. Founded by former jumia executives, customers of nigerian fintech, lidya are struggling to withdraw funds as ceo and cto exit the company Lidya, a digital lender, has officially ceased operations after raising a total of $16.45 million
The firm sent an email to its customers.
Lidya, the nigerian digital lender, has shut down operations nearly a decade after launching, techpoint africa has learnt “despite best efforts to restructure and sustain operations, the company has encountered severe financial distress and is no longer able to continue in business. Lidya, a digital lending company based in nigeria, has ceased operations in the country, after nine years in business, citing severe financial distress. Lidya, one of nigeria’s early fintech startups, has ceased operations after almost 10 years, citing financial distress and an inability to secure the funding or revenues needed to continue.
