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Nigerian Fintech Companies React to CBN’s Freeze Order


The embattled fintech companies have reacted to the CBN’s court order to freeze their accounts to investigate ‘illegal foreign exchange transactions.
Bamboo, one of the companies in a message to investors, said it was aware of the situation and looking into the matter, assuring them that funds are safe.

The message read in part: “We are aware of the recent reports about us. Our legal and government relations teams are looking into it but we thought it was important to let you know that your money remains safe and will always be accessible.”

Also affected by the order, Risevest noted that funds will also not be tampered with, saying, “With regard to the latest news about us and our FX dealings, you can be sure that your investments and funds are safely managed, that funding and withdrawals will continue to be processed as normal, and that all our US operations remain intact.

“We will work with regulators, as we always have to ensure that all issues raised are properly addressed. However, this does not affect our users or their investments, which are managed by regulated third parties in all jurisdictions in which we operate.”

Techeconomy.ng previously reported that the CBN’s counsel, Chief Micheal Kaase Aondoakaa, SAN, leveled an accusation against the companies before Justice Ahmed Mohammed of the court that they were responsible for the Naira’s depreciation against United States dollars.

Aondoakaa explained that Nigeria’s currency downtrend is due to the foreign exchange deals carried out on the companies’ platforms.

The banking regulator also claimed that the online investment startups were operating as asset management companies without obtaining licenses.


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