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Cross-Border Payments Startup Chimoney Closes Shop After 4 Years

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Nigerian-Canadian fintech startup, Chimoney, has announced plans to shut down operations after four years of building a unified API for cross-border payments across 41 currencies.

Cross-Border Payments Startup Chimoney Closes Shop After 4 Years

Founder and Chief Executive Officer, Uchi Uchibeke, disclosed the decision in a statement on Thursday, citing distribution challenges, rising regulatory costs and limited funding as key reasons behind the shutdown.

According to Uchibeke, the startup raised less than one million dollars during its four-year operations, a figure he said proved inadequate for its growth ambitions.

“The product worked. It was distribution.

“I spent too much of my time building and not enough time making sure people knew what we built,” he said.

Founded to simplify international payments, Chimoney offered businesses a single API integrating bank transfers, mobile money, stablecoins and Interledger for cross-border transactions.

The startup served businesses across North America, Africa and Latin America.

Uchibeke said the company had explored strategic alternatives before opting for an orderly shutdown.

“None of them closed on terms that made sense.

“So I chose to shut down cleanly instead of dragging the company forward on hope,” he said.

He disclosed that investors were notified in February, while clients were informed in April.

According to him, all client wallet balances will be refunded through Aug. 31, 2026, while migration guides have been made available to developers using the company’s API.

Despite the closure, Uchibeke said Chimoney’s corporate entity and Payment Service Provider (PSP) registration would be retained.

“That licence is hard to get, and I believe it will only get harder. I am holding on to it,” he said.

The founder advised startup operators to prioritise either adequate fundraising or sustainable bootstrapping strategies.

“Either raise properly or bootstrap with a profitable beachhead.

“I tried to do both and did neither well,” he added.

Uchibeke said he is now focused on building a new company, APort, which is developing pre-action authorisation tools for AI agents.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Immigration, Lasaco Assurance Partner on Institutional Growth

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The Nigeria Immigration Service, Lagos State Command, has entered into a collaborative partnership with Lasaco Assurance Plc to drive sustainable institutional growth and operational synergy.

According to a statement from the firm, the partnership is a strategic move to bridge the gap between public service efficiency and private sector innovation.

The partnership was solidified during a courtesy visit by top officials of the NIS Lagos Command to the corporate headquarters of Lasaco Assurance Plc in Lagos.

Led by the Deputy Comptroller of Immigration and Passport Control Officer, the NIS delegation engaged the insurance firm’s executive team in high-level discussions aimed at fostering knowledge exchange, strengthening risk management practices, and advancing national development goals.

A major highlight of the strategic engagement was the presentation of an award to the Managing Director of Lasaco Assurance Plc, Ademoye Shobo.

The NIS delegation honoured the insurance boss for his exemplary leadership in driving product growth, building operational resilience, and introducing innovative risk management solutions to the industry.

While commending Lasaco’s leadership, the NIS delegation noted that the company had consistently distinguished itself through a customer-focused approach and commitment to professionalism.

They emphasised that public-private partnerships were vital to creating value-driven systems that would benefit the larger Nigerian economy.

Reacting to the honour and the partnership prospects, Shobo reiterated the insurer’s readiness to support the immigration office.

“We are deeply honoured by this visit and the recognition from the Nigeria Immigration Service. At Lasaco, we believe that the future of institutional growth lies in deliberate collaboration. We are fully committed to maintaining a strong, mutually beneficial relationship with the Immigration Office to improve operational efficiency and deepen trust across both sectors,” Shobo said.

The management of Lasaco Assurance further expressed gratitude, noting that the engagement had set a new benchmark for public-private alignment.

The management stated, “This courtesy visit is not just a ceremony; it is a reinforcement of our shared commitment to institutional excellence. By combining public sector dedication with private sector innovation, we can create stronger avenues for service delivery that ultimately advance our national goals.”

The engagement underscored the growing importance of continuous dialogue between government agencies and private corporations to solve modern operational challenges.

Moving forward, both organisations expressed confidence that the partnership would unlock new opportunities for strategic growth.

Lasaco Assurance Plc reaffirmed its long-term vision to deliver value-driven insurance solutions, sustain stakeholder confidence, and champion impactful collaborations that foster national progress.

 


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Maida, EVC NCC to Lead Speakers @ 17th Africa’s BoICT Merit & Leadership Lecture

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Dr. Aminu Maida, executive vice chairman and chief executive officer (EVC/CEO),  Nigerian Communications Commission (NCC), has has been confirmed as a Special Guest of Honour at this year’s Africa Beacon of ICT Lectures and Awards.

Maida, EVC NCC to Lead Speakers @ 17th Africa’s BoICT Merit & Leadership Lecture

Dr. Aminu Maida, executive vice chairman and chief executive officer, NCC

Africa Beacon of ICT Lectures and Awards, is widely regarded as the most prestigious annual event available in the ICT industry in Nigeria.

The event according Ken Nwogbo, editor-in-chief of Nigeria Communications Week,“is digital transformation edition” will hold on  Saturday, May 30, 2026 at the Four Points by Sheraton, Lagos.

Africa’s BoICT Lecture is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.

It will also to recognise and celebrate organisations and individuals in the ICT and banking industries that have impacted in digital transformation of the economy.

Nwogbo said that Dr. Maida, oversees the regulation, development, and strategic direction of the Nigerian telecommunications industry.

His administration at the NCC, actively drives initiatives to improve telecom consumer experience, enhance infrastructure, and foster collaborations (such as with the Central Bank of Nigeria) to protect citizens from financial fraud

He holds a PhD in Electrical & Electronic Engineering from the University of Bath, UK.

Prior to joining the NCC, he served as the Executive Director, Technology and Operations at the Nigeria Inter-Bank Settlement System Plc (NIBSS).

At NIBSS, Dr. Maida was responsible for spearheading the technical and operational standardization of all devices deployed in the financial system in Nigeria for interoperability.

He led a dynamic team that ensured that all terminals used in the e-payment industry and all devices deployed in Nigeria would accept all cards issued by banks and other licensed card schemes without discrimination.

Prior to his appointment at NIBSS, Maida was the Chief Technical Officer (CTO) at the Nigerian-based FinTech Arca Payments Network and Senior Manager at Cisco Systems, United Kingdom.

As a seasoned technical professional with over 15 years of multi-functional and international experience in FinTech & Telecoms & Enterprise Technology, Dr. Maida between 2010 and 2014, worked as a Network Design Consultant at EE, part of BT Group, and one of the largest mobile communications companies in the UK.

He was also at some point (2006-2010) a System Engineer at Ubiquisys, a leading company in intelligent 3G and LTE small cells, which is now part of Cisco.

Dr. Maida will be joining will join top dignitaries who have graced the  event in the past including: Dr. Ernest Ndukwe, former executive vice-chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.

Others are: Chris Uwaje, chairman, Mobile Software Solutions Ltd; Uche Orji, former managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodun Omoniyi, Managing Director/CEO, VDT Communications;  and John Obaro, CEO and founder of Systemspecs; Dr. Isa Pantanmi, former DG, NITDA; Dr. Obadare Peter Adewale, co-founder and COO, Digital Encode Limited; among others.

The highpoint of the BoICT Lecture will be the conferment of awards to companies and individuals for their significant contributions to the growth of technology in Nigeria and indeed Africa.

The event is a five-star event; easily Nigeria’s ICT Oscars.

 


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Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations

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Professor Isa Ali Ibrahim Pantami, former minister of Communications and Digital Economy, has withdrawn from the All Progressives Congress (APC) governorship primary election in Gombe State, citing alleged violations of the Electoral Act 2026 and failure by party officials to provide conditions necessary for a credible primary process.

Pantami, Ex Minister of Communication Withdraws from Gombe APC Governorship Primaries over Alleged Electoral Violations

Professor Isa Ali Ibrahim Pantami

Pantami announced his withdrawal in a statement issued by Barrister Ibrahim M. Attahir on behalf of the Pantamiyya Movement.

The former minister said his decision followed extensive consultations with stakeholders and careful assessment of developments surrounding the APC direct primaries in the state.

According to the statement, Pantami participated fully in the governorship process out of loyalty to the APC after accepting appeals from party leaders, youths, women groups and other stakeholders urging him to contest for the state’s top seat.

The statement noted that Pantami complied with all party requirements and procedures and was the only governorship aspirant represented at the Peace Accord meeting organised by the Nigeria Police Force, Gombe State Command, on May 14, 2026.

It added that his representative was also the only aspirant’s delegate who signed the peace accord during the event.

Despite this, the Pantamiyya Movement alleged that the APC leadership repeatedly failed to provide critical information relating to the conduct of the direct primaries.

According to the statement, several letters sent by Pantami’s solicitors to relevant organs of the party seeking clarification on procedures, accreditation, collation centres and other operational details were neither acknowledged nor responded to.

“In a democracy, the law must guide the process. Non-compliance with the Electoral Act 2026 and the party guidelines renders the exercise unsafe and illegitimate,” the statement said.

The movement further alleged that no actual election took place during the recent National Assembly direct primaries conducted in Gombe State on May 16 and 18, 2026, claiming that many aspirants were not informed about voting venues, accreditation procedures or collation arrangements before results were announced.

The statement maintained that Pantami’s political strength lies in his grassroots support base, particularly among youths and women, but alleged that ordinary party members were sidelined in the recent primaries.

It also claimed that despite President Bola Ahmed Tinubu’s insistence on credible and transparent direct primaries, the directives were allegedly not implemented in Gombe State.

“Prof. Pantami had requested details on the time and place for accreditation of agents and observers, the procedures for accreditation, voting and collation, and the location of collation centres. This information should have been provided to all aspirants without being solicited. As of this moment, nothing has been provided,” the statement added.

Pantami expressed appreciation to supporters, especially youths who reportedly raised funds through crowdfunding to purchase his expression of interest and nomination forms.

The movement disclosed that donations from supporters ranged between ₦5,000 and ₦4 million, with contributors publicly sharing receipts online.

The former minister also thanked women groups, coordinators at ward and local government levels, elders, campaign officials and members of the Campaign Coordinating Committee for their support and loyalty throughout the process.

He urged his supporters to remain calm, peaceful and law-abiding, stressing that democracy must be anchored on the rule of law, peace and security.

The statement added that the Pantamiyya Movement would communicate its next political direction and future plans to supporters and followers across Gombe State and the country in due course.

“All followers, admirers and supporters of Malam Pantami are to remain united for the next alignment and realignment in the political space,” the statement said.

Pantami’s withdrawal is expected to significantly reshape political calculations within the APC ahead of the 2027 governorship election in Gombe State, given his strong support base among youths and grassroots mobilisers.

 

 


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