American fintech company Mercury has announced it will terminate the accounts of businesses based in several countries, including Nigeria, starting August 22, 2024. This change is part of the company’s updated eligibility criteria for account openings.
Mercury’s revised list, posted on its website, identifies 15 African nations and 37 countries globally where it will no longer offer services. This list includes countries like Russia, and it also affects companies whose founders hold passports from Belarus, Cuba, Iran, North Korea, Syria, Ukraine, and Venezuela.
Customers received notifications via email about the upcoming account closures. Mercury expressed regret for the inconvenience and offered support during the transition, advising affected customers to take necessary actions before the deadline. After August 22, account access will be restricted to viewing documents only.
The company has not provided specific reasons for the changes. Nigerian tech community leader Nwoye. raised concerns on social media about the potential impact on fintech startups, hoping it wouldn’t affect multi-currency startups in Nigeria.
Mercury, founded in 2017, serves over 100,000 businesses, many of which are startups. This is not the first time the company has taken action against African tech startups. In March 2022, Mercury shut down accounts of numerous African startups due to concerns raised by the FDIC about accounts being opened in countries deemed legally risky.
CEO Immad Akhund later clarified that the company was complying with internal procedures and regulatory standards. This decision highlights ongoing challenges faced by international startups navigating U.S. banking regulations, affecting businesses across various global regions.

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