Mercury Bank Restricts Fintech Founders from Nigeria, Ukraine, and 12 Other Countries
Mercury Bank, a U.S.-based fintech, will offboard startups with founders or headquarters in 14 African and six non-African countries, including Mozambique, Nigeria, the Democratic Republic of Congo, Zimbabwe, and Ukraine.
CEO Immad Akhund cited regulatory challenges and the need to ease operational strain as reasons for this decision, which affects clients with deposits totaling less than 1% of Mercury’s overall deposits. Akhund acknowledged the difficulty of excluding Ukraine, noting complications due to sanctions and verification challenges.
Despite the impact on fintech founders, including those in the U.S., Akhund expressed a commitment to reassess the policy in the future.
Clever Robot News Desk 26th July 2024
