• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home ConsumerTech

Assessing Pillow’s Nigerian Shutdown

by Joel Nwankwo
June 30, 2023
in ConsumerTech
2
Pillow's shutdown
UBA
Advertisements

A year after extending its services to Ghana and Nigeria, the Singapore-based cryptocurrency firm Pillow recently announced that it would stop operating. The firm, which provided services for bitcoin investing, spending, and saving, blamed its demise on the “current regulatory climate and its impact on associated financial infrastructure.”

Pillow informed its user base—reportedly over 75,000 people in 60 different countries—of this via in-app message and urged them to withdraw their money as soon as possible. The corporation has given consumers until July 31st, 2023, to withdraw their interests to speed up the process. The site plans to stop bank withdrawals on July 7 and cryptocurrency withdrawals on July 31; the app will be deleted from the Play Store at that time.

The objective of Pillow, to give people in underdeveloped economies a way to fight inflation, has come to an end, but the company’s founders, Arindam Roy, Rajath KM, and Kartik Mishra, have not made the announcement publicly. To support this objective, the business received about $21 million from 15 investors. 

After the business posted job openings a few months ago, Pillow’s shutdown decision may come as a surprise to some. This, however, emphasizes the pressure faced by cryptocurrency firms as they attempt to navigate regulatory settings all around the world. 

Foreign Startups Struggle in Nigeria

A year after expanding to Nigeria, Pillow announced that it would stop offering its services there. However, household finances in Nigeria are getting tighter, which has decreased their purchasing power and disposable income.

It is anticipated that Nigeria’s current financial crisis will last longer. The effects of cost pressures brought on by strained markets and broken supply networks are another major factor contributing to widening inflation. Many startups have had trouble staying in Nigeria. Two significant examples of how international firms have recently suffered in Nigeria are Games and SweepSouth.

Notably, Nigeria has experienced devaluations and currency changes. Factors that should promote widespread cryptocurrency adoption in the nation, However, the current economic scenario has worldwide repercussions. Pillow’s most recent announcement might just be pointing to the fickleness of cryptocurrency adoption in the global economy.

Still a Crypto Problem

The closure of Pillow in Nigeria is the most recent in a string of closures of cryptocurrency firms this year. African crypto businesses’ hazardous situation has come to light as a result of the closure of several continent-wide payment services using cryptocurrency.

Since Bitcoin first appeared 14 years ago with the promise of transforming money and payments, these promises have remained unfulfilled and appear to be fading away. When you consider the various laws in the US and various other countries, the scenario becomes more gloomy.

Layoffs are already occurring at Nigerian crypto companies as a result of the crypto winter, which was characterized by sharp declines in the price of bitcoin and Ethereum as well as the failure of firms like FTX, Celsius, and Voyager.  Because $4 million of its operating cash was deposited with FTX, Lagos-based crypto exchange Nestcoin had to lay off employees. Quidax said its problems are unconnected to FTX’s collapse.

The African cryptocurrency sector has potential, but many firms are having trouble surviving, with Pillow being the most recent loss.

Loading

Advertisements
MTN ADS

Author

  • Joel Nwankwo
    Joel Nwankwo

    Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

    View all posts
0Shares
Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

Next Post
Entertainment and Media Trends for Second Half of 2023

Entertainment and Media Trends for Second Half of 2023

Comments 2

  1. Pingback: 2023 Tech in Review: Lessons Learned and Gazing at 2024
  2. Pingback: Lessons Learned and Gazing at 2024 - TECHTELEGRAPH

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Amazon and Meta Donate $1 Million Each to Trump’s Inaugural Fund

Amazon and Meta Donate $1 Million Each to Trump’s Inaugural Fund

7 months ago
Christmas on Netflix

10 Best Christmas Movies on Netflix to Watch this Season

3 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.