WOVEN FINANCE Shuts Down, Moves Services to Hydrogen

Woven Finance, a Nigerian fintech company founded in 2020 and fully licensed by the CBN in 2022 to contribute to the world of digital payment has announced that it will no longer be in business. 

The company sent a message to its esteemed customers via email on Wednesday, 10th January, 2024 saying " After a thorough analysis of the current market dynamics and their impact on our business model, Woven Finance has resolved to cease its payment services operations in the first quarter of 2024." 

Also, the company revealed that it will be moving its services to Hydrogen, another fintech company that belongs to Access Bank and led by Kemi Ogunsanya. 

When Woven was created 4 years ago by Adedeji Olowe, he intended to simplify digital payments for business owners by offering a virtual account, enabling seamless payment collection, and tackling issues like reconciliation and settlements. 

While Woven has been in business for a few years, it has been backed by Trium, the venture group by Coronation Group. The decision to move services to Hydrogen Pay is so that Access Bank can gain a chance to compete against its competitors. 

Although Woven Finance has not provided a clear explanation for discontinuing its operations, there is speculation that heightened competition from well-established fintechs and bank-led fintechs such as Squad, Zest, and Hydrogen might have influenced this decision. 

If you are unable to navigate the process online all by yourself, you can visit the nearest NIMC office. 

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