Collect Africa, a Nigerian fintech startup founded to streamline payments for small businesses, has announced it will officially cease operations by August 31, 2025. After four years of building tools to simplify financial management for merchants, the company is shifting its focus entirely to a new venture: Autospend, a platform centered on stablecoin-based financial services.
In a message to its users, the company stated:
After much consideration, we have made the difficult decision to wind down the business.
Customers have been urged to withdraw any remaining funds from their accounts before the shutdown date.
Founded in 2021 by Abraham Ojes and Wale Martins, Collect Africa emerged as a solution to the fragmented payment systems faced by small and medium-sized enterprises (SMEs) across Nigeria. The platform enabled businesses to accept payments via bank transfers, POS terminals, QR codes, payment links, and direct debits—all integrated into a single, user-friendly dashboard.
Over its operational lifespan, Collect Africa facilitated over $4 million in transactions, supported 5,000 registered businesses, and processed more than 50,000 individual payments. According to early-stage investor Ajim Capital, the startup maintained a monthly revenue of approximately $5,000, with an average annual growth rate of 25%.
Collect Africa attracted attention from several notable investors and accelerators. It was one of 21 African startups selected for the inaugural ODX accelerator, securing $125,000 in funding. Prior to that, it participated in the GreenHouse Lab accelerator, receiving $10,000 in pre-seed capital. These milestones underscored the startup’s potential and its role in advancing digital financial inclusion for SMEs.
Co-founder Abraham Ojes described the closure of Collect Africa not as an end, but as a strategic pivot toward a broader mission.
After four years of building Collect and helping hundreds of merchants manage payments, we saw firsthand how big the need is for global, instant, and affordable money movement.
This insight led to the creation of Autospend, a new platform launched earlier in 2025. Autospend aims to help businesses and individuals move money using stablecoins, offering services for payments, savings, and expense management. Ojes refers to it as “the next chapter of what we’ve been building all along.”
“Collect App has been an incredible journey,” he added. “But over time, we realized there’s a much larger opportunity to solve a global problem. As part of this strategic shift, we made the decision to sunset Collect by August 31 so we can dedicate all resources to growing Autospend.”
Collect Africa’s transition mirrors a growing trend among African fintech startups: moving beyond local payment solutions to build infrastructure that supports cross-border financial access. As Autospend gains traction, the team is betting on stablecoins to become a cornerstone of global money movement originating from the continent.
