Zoto, a Nigerian mobile recharge and payment solutions platform, has reportedly shut down its operations. The startup was last active back in July. In fact, some of their customers complained that they were unable to transact on the app while others said they have lost money in the process.
Since June, users complain has been met with an unusual silence from Zoto customer care service account on Twitter and Facebook pages—The only semblance of communication came in July — a rather inconclusive notice within the app that reads: “App is temporarily not available. More updates coming to you soon”.
To further confirm the liquidation of the startup, Oshone Emmanuel Ikazoboh, the co-founder of the startup responding to inquiries about Zoto on Twitter said: “ not all startups survive, unfortunately.”
😕 not all startups survive unfortunately.
— OSHONE Ikazoboh (@oikazoboh) August 16, 2018
While there are many economic reasons why the startup ceased to exist, it is always a sad news when a business with huge and bright potentials shuts down. We hope other startups will learn from this experience and someday we would learn about what led to the end of the startup.
