In 2022, Duplo, Nigeria’s business payment startup raised $4.3 million in seed funding to digitize B2B payments.
Back then, the startup could not realize that their business would yield massive profits despite the Central Bank’s cash ban as a measure to curb money laundering.
However, the firm is now raking in profits helping manufacturers, small businesses, and consumers with their transactions.
On March 1, the Nigerian government put a ban on ATM withdrawals above 20,000 nairas ($44.49) daily and any cash withdrawal from government accounts.
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