The Nigerian fintech company Woven Finance, which provides a payment gateway service enabling merchants to receive payments through card payments and bank transfers, had published a report in the first quarter of 2024 stating that they would be shutting down.
An email was also sent to customers regarding this, but it was later clarified as a mistake and the company denied the shutdown.
The Head of Products and Partnerships, Frank Ugwulali, explained that this email was meant to be an internal email and that sending it to customers was an error. It was never actually about shutting down; the email was a risk assessment. It contained information about the company’s strategy review, but customers interpreted it as a shutdown message.
Frank Ugwulali mentioned that the increasing number of startup closures had caused customers to worry. Although they had issued a correction explaining that they were not shutting down, they still had to explain to many customers individually that there was no shutdown.
Despite this, according to Ugwulali, the company has continued to grow. They plan to become one of the top five payment companies in Nigeria by 2028. Nevertheless, to accelerate their growth, the company is undergoing a brand refresh.
