Iyinoluwa Aboyeji, the founder and CEO of Future Africa, claims that the failure of SVB may have an effect on a lot of Nigerian businesses.
He said that the majority of startups may begin moving their money to other banks. Williams Fatayo, the Chief Executive Officer of TruQ, commented on the matter and claimed that only a small number of African startups may be affected by the bankruptcy of SVB.
He pointed out that startups are more likely to be impacted by the collapse’s indirect effects since investors may find it harder to raise money.
Due to this restriction, it’s possible that the majority of African entrepreneurs may be unable to register accounts with SVB.