American financial technology company, Mercury, has announced plans to terminate the accounts of businesses based in several countries, including Nigeria, effective August 22, 2024.

The decision is part of the revised eligibility criteria for opening accounts, which the company recently updated. Mercury will cease serving companies whose founders hold passports from countries like Belarus, Cuba, Iran, North Korea, Syria, Ukraine, and Venezuela.

However, this is not the first time Mercury has taken action against African tech startups. Founded in 2017, Mercury serves over 100,000 businesses, with a significant portion being startups. READ MORE

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