Nigerian fintech startup Pivo has ceased operations entirely in December 2023, resulting in the layoff of its entire workforce. The company, which was a two-year-old neobank focused on providing financial services for supply chain businesses and SMEs in Africa, had raised a $2 million seed round just one year prior. The shutdown is attributed to the extremely challenging operating environment for Nigerian businesses over the past year, including significant economic headwinds and disruptive monetary policies like the central bank's botched currency redesign. The founders did not provide official details, but the closure marks the end of the venture shortly after its funding milestone.
