This is the sad story of how one of Nigeria’s promising crypto based fintech came crashing after its initial success. Lazerpay has unfortunately decided it is about time it shuts down its operations. In a statement it issued via its official Twitter handle, the company’s youthful Chief Executive Officer, wonder tech kid, Njoku Emmanuel, said Lazerpay has ceased operation after multiple fruitless efforts to raise funds for the business’ survival. Emmanuel explained to stakeholders that he fought hard to keep the lights on as long as possible, but unfortunately, got to a point where the need to shut down became inevitable.
The firm however promised to resolve all outstanding matters and advised merchants to withdraw their funds from the platform before April 30, 2023. Late last year, Lazerpay downsized and laid off quite a number of its staff after a proposed lead investor pulled the rug from under its feet abruptly. Before this resolution, management staff of the company had been working without salary for months even as salaries of junior staff were cut.
Recall that a few months ago, THEWILL published a report on the rise of the 21-year-old and how he was disrupting the technological space with his company. The dropout from the Enugu State University of Technology, got into the business of coding, became an authority in it and rose to become one of the best blockchain engineers of his generation. In its short time of existence, the Nigerian crypto payments startup commenced operation two years ago, has so far enabled over 3,000 businesses to accept payments in stablecoins, including an off-ramp feature to help merchants convert crypto to fiat directly to the bank in over 100 countries.
Ivory Ukonu is a versatile journalist with many years of experience, with entertainment and society reporting as her area of core competence.
