Nigerian card-issuing fintech Allawee will shut down its personal and business account services on December 1, 2026, following its acquisition by Paystack in 2025.
Allawee has told its customers to withdraw their balances by November 30, update their banking details with anyone who sends them money, and replace card details linked to subscriptions. Its cards will stop working from December 1, regardless of their printed expiry dates.
Allawee has directed all its Business users to Paystack Microfinance Bank, while its individual users will move to Zap, Paystack’s consumer transfer app. Account numbers, transaction histories, verification records, and balances will not transfer automatically.
For Black-owned businesses, the shutdown is a reminder of the disruption that can follow when fintech platforms consolidate. It also underscores a broader shift in African fintech: infrastructure built by local founders becomes acquisition targets as larger companies consolidate the market.
