Lidya, one of the first fintech startups in Nigeria, stopped its activities after almost 10 years. She invoked financial difficulties and an inability to obtain financing or income needed to continue.

Lidya started in 2016 as a platform digital lending offering access to credit to micro, small and medium-sized businesses in Africa. The company of Tunde Kehinde and Ercin Eksin, two alumni of Jumia, raised around 16.45 million dollars in several rounds table, including a $6.9 million Series A in 2018 and a pre-series B of $8.3 million in 2021. Lidya developed briefly in Poland and the Czech Republic, but had trouble achieving profitability durable. In an email to customers, the company said that it does not could no longer process funds or settle claims.

The closure of Lidya highlights the challenges of financing and sustainability challenges faced by fintech lenders in emerging markets. Despite the enthusiasm of the first investors and expansion beyond Africa, the company was unable to reach the scale or performance of the loan required for its long-term viability.

Lidya met's experience also highlighted the difficulty of balancing growth and the risk of credit in lending to SMEs, one of the most underserved segments but the riskiest in Africa