Especially so in a business environment like Nigeria where official internet usage figures don’t match user habits and rent-seeking regulatory obstacles are the norm. So it goes without saying that many startups do not survive beyond their first one to five years.
Internet startups that officially shut down in 2019 alone probably numbered in the hundreds. We are certain of these ones.
OyaPay (Dec. 2017 – Feb. 2019)
What it was: A platform for offline businesses to accept payments and take forward orders from their customers with or without a smartphone.
Why it was shut down: Very early on, founder and CEO, Abdulhamid Hassan accepted a small seed round from a senior family member.
But when the need for additional investors kicked in, the said family member pushed back on the idea of diluting their investment. This went unresolved for months, leading Hassan to shut down the startup. He has since…