Collect Africa, a Nigerian fintech startup that served thousands of small businesses with digital payment tools, will officially shut down operations by August 31, 2025. The company is closing its doors after four years of operation to allow its team to focus entirely on a new stablecoin-based platform called Autospend. According to co-founder Abraham Ojes, the shift reflects a broader ambition to solve global challenges around money movement using blockchain technology.
A Promising Run in SME Payments
Founded in 2021 by Abraham Ojes and Wale Martins, Collect Africa was created to simplify the fragmented digital payments landscape for small and medium-sized enterprises in Nigeria. The platform enabled merchants to process transactions via bank transfers, POS terminals, QR codes, payment links, and direct debits—all integrated into a single dashboard. Over the years, the company processed over $4 million in payments, registered 5,000 businesses, and completed more than 50,000 transactions.
Growth, Recognition, and Early Support
Collect Africa attracted attention from notable investors, including early-stage backer Ajim Capital, which cited a consistent 25% annual revenue growth and $5,000 in monthly recurring income. The startup’s momentum also earned it a place among 21 African companies selected for the inaugural ODX accelerator program, where it secured $125,000 in funding. Additionally, it participated in the GreenHouse Lab accelerator, receiving $10,000 in pre-seed capital and joining a select group of promising African fintech ventures.
Preparing Users for Closure
The company notified its users by email, encouraging them to withdraw any remaining balances before the end-of-August deadline. “After much consideration, we have made the difficult decision to wind down the business,” the email read, reflecting the founders' intent to exit in a structured and responsible manner. This transition plan ensures existing customers are not left stranded as the team redirects resources to its next venture.
Autospend: The Next Chapter
The shift to Autospend marks a significant pivot in both vision and market focus for the Collect Africa team. Launched in early 2025, Autospend offers services that enable individuals and businesses to use stablecoins for payments, savings, and expense management. Ojes describes this as a natural evolution of their journey, stating that the challenges faced by SMEs at the local level made clear the broader need for fast, affordable, and borderless financial infrastructure.
A Broader Fintech Trend in Africa
Collect Africa’s transition mirrors a growing trend among African fintechs, where startups are shifting away from local payment solutions toward global financial infrastructure powered by blockchain and digital currencies. Stablecoins, which offer price stability and rapid settlement, are increasingly being viewed as tools that can leapfrog traditional banking limitations on the continent. In that context, Autospend positions itself as a timely response to the continent's evolving financial needs.
Reflections from the Founders
Reflecting on the journey, Ojes said, “Collect App has been an incredible journey. But over time, we realised there’s a much larger opportunity to solve a global problem.” The founders believe that shutting down Collect Africa will allow them to fully dedicate their efforts and resources to scaling Autospend into a platform with continental and global reach.
Collect Africa’s closure marks the end of a focused effort to improve SME payments in Nigeria, but also the beginning of a more ambitious chapter for its founding team. With Autospend, the company is entering a new frontier where stablecoins are at the core of its strategy to drive financial inclusion and seamless money movement. As the August 31 shutdown date approaches, Collect Africa transitions from a local fintech success story to a global player in the next wave of financial innovation.
Source: Thecondia