U.S. Bank Initiates Closure of Startup Accounts in Africa, Ukraine, and Other Regions
- Mercury Bank is shutting down accounts for users in 37 countries, including 13 African nations.
- Startups from countries like Nigeria, South Africa, and Kenya will be unable to maintain or create new accounts with Mercury Bank.
- The closure of Mercury accounts poses a significant challenge for African startups that rely on US-based banking services for their international operations.
The closure of Mercury Bank accounts for African startups is a significant setback for the affected businesses. Relying on US-based banking services allowed these startups to manage funds, pay employees, and handle treasury operations conveniently. The decision highlights the challenges faced by African startups in accessing reliable and accessible banking solutions. It also emphasizes the need for Africa to develop its own robust financial infrastructure to support innovation and expansion.
