Fintech Lender Lidya Shuts Down Operations In Nigeria After Raising $16.5 Million

Fintech Lender Lidya Shuts Down Operations In Nigeria After Raising $16.5 Million

Digital-lending startup Lidya has formally ceased operations in Nigeria, ending a near-decade run in the small and medium-sized business (SME) credit market despite raising approximately US$16.45 million from investors. Established in 2016 by former Jumia executives Tunde Kehinde and Ercin Eksin, Lidya set out to serve Nigerian SMEs via a technology-first, collateral-free lending model. Over […] The post Fintech Lender Lidya Shuts Down Operation…

Lidya shuts down operations after nearly a decade - Innovation Village | Technology, Product Reviews, Business

Nigerian digital lender Lidya has ceased operations, citing severe financial distress, according to an email sent to customers. “Despite best efforts to restructure and sustain operations, the Company has encountered severe financial distress and is no longer able to continue in business. As a result, the Company has ceased all operations,” the company said in the notice. It added that, “Due to the Company’s financial status, it is unable to pro…

Lidya, Nigeria's digital lending pioneer, shuts down

Lidya, the Nigerian digital lender once celebrated as a pioneer in Africa’s fintech space, has shut down operations after nearly a decade of highs and lows. Former Jumia executives, Tunde Kehinde and Ercin Eksin, launched Lidya in 2016 before the likes of FairMoney, a credit-led neobank founded in 2017. First reported by TechPoint, an email to customers read, “Despite best efforts to restructure and sustain operations, the Company has encountere…

Nigerian digital lender Lidya shuts down operations despite raising $16.45 million

Nigerian digital lender Lydia has shut down operations nearly a decade after it first began operations.