• Latest
  • Trending
Thepeer, Nigerian startup Shuts down operations

Thepeer, Nigerian startup Shuts down operations

April 4, 2024
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

Thepeer, Nigerian startup Shuts down operations

Hauwa Ali by Hauwa Ali
April 4, 2024
142 9
0
Thepeer, Nigerian startup Shuts down operations
469
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

In an unexpected development, Thepeer, a Nigerian fintech startup, has ceased operations. The closure comes after a promising seed funding round and a vision to transform the financial technology landscape in Africa. 

Launched in 2021 by Kosisochukwu Chike Ononye and Michael “Trojan” Okoh, Thepeer aimed to facilitate seamless financial transactions across the continent. Despite securing a $2.1 million seed round and early endorsements from industry heavyweights, the startup faced insurmountable challenges.

Following its decision to shut down, Thepeer joins a small but growing list of startups that have chosen to return the remaining capital to investors. This move reflects the difficulties of establishing a lasting fintech business in the African market.

Read also: Nigerian API-based Startup, Thepeer Raises $2.1M Seed Led by Raba Partnership

Challenges in Scaling

Thepeer’s innovative technology, which provided an API network for fintechs and businesses, encountered significant hurdles. Compliance issues and a lack of widespread acceptance for wallet-based payments proved to be major obstacles, hindering the company’s growth and scalability.

RelatedPosts

Thepeer closure sparks concerns among investors

Nigerian API-based Startup, Thepeer Raises $2.1M Seed Led by Raba Partnership

Thepeer, the Nigerian fintech startup, faced compliance issues that were a significant factor in its decision to shut down. The company operated in a regulatory grey area, and despite efforts to acquire licences, it struggled with the following specific compliance challenges:

Regulatory Hurdles: Thepeer’s API-based payment layer was designed to facilitate money movement natively within wallets and apps across fintech platforms. However, this innovative service encountered regulatory challenges that hindered the launch and maintenance of key wallet providers.

Partnership for Compliance: To address these compliance issues, Thepeer partnered with Flutterwave, a financial partner, in 2021. This move was aimed at navigating the complex regulatory landscape and maintaining their services.

Market Acceptance: Alongside compliance, the overall acceptance of wallets as a viable payment option did not grow as rapidly as anticipated. This slow growth meant that Thepeer had to invest considerable time and resources in educating people about their services.

These compliance issues, combined with market acceptance challenges, ultimately led to Thepeer’s decision to return the remaining capital to investors and enter maintenance mode while seeking a new direction for their product.

Looking Ahead

Thepeer’s founders have placed the product in maintenance mode while exploring future possibilities. The company’s technology remains in search of a new home, with the founders committed to preserving the platform for as long as possible.

Implications for African Fintech

Thepeer’s shutdown is a stark reminder of the challenges faced by fintech startups in Africa. It underscores the need for market alignment and regulatory compliance. Despite this setback, the African fintech sector continues to offer vast opportunities for innovation and growth.

Examples of successful fintech startups that have excelled 

Several fintech startups have excelled in compliance, setting industry standards for regulatory adherence. Here are a few examples:

Read also: How Africa is Regulating Fintech Companies

Stripe: Known for its online payment processing, Stripe has a robust compliance program that includes anti-money laundering (AML) checks and continuous monitoring of transactions.

Square: Now known as Block, Square has successfully navigated complex financial regulations by implementing comprehensive compliance measures, particularly in the areas of payment processing and small business financing.

Adyen: This global payment company has a strong track record of compliance, offering secure payment solutions across various markets while adhering to local and international regulations.

Revolut: As a digital banking alternative, Revolut has emphasized regulatory compliance as a core aspect of its business, obtaining banking licenses in multiple jurisdictions.

These companies demonstrate that a strong focus on compliance can be a significant factor in the success and scalability of fintech startups.

Tags: Thepeer
Hauwa Ali

Hauwa Ali

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.