Mercury Bank, a United States-based fintech popular among African tech founders, has recently added Nigeria to its list of prohibited countries. This move would affect the many Nigerian entrepreneurs relying on the bank for opening USD business accounts.
The updated restrictions mean Nigerian founders can no longer open accounts on Mercury’s platform. Although the bank has not provided an official reason for this decision, it has updated its help sectionto reflect the new list of prohibited countries.
Mercury Bank supports U.S. companies founded by individuals globally but cannot open accounts for residents of several countries, including Nigeria.
Other African countries on this list are Burundi, Cameroon, the Central African Republic, the Republic of Congo, Congo, Liberia, Libya, Mali, Mozambique, Somalia, South Sudan, Sudan, and Zimbabwe.
This decision affects many Nigerian startups that rely on Mercury Bank for their banking needs. Currently, founders domiciled outside the listed countries must seek assistance from Mercury’s support team to open accounts.
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