CBN Freeze Order: ‘Your Money Is Safe”, Affected Fintechs Tell Investors

Fintech companies on the receiving end of fresh action by the Central Bank of Nigeria (CBN), have allayed the fears of investors and other stakeholders.

On Tuesday, the CBN secured a court injunction to freeze the accounts of some fintech companies in order to investigate ‘illegal foreign exchange transactions’ by the companies.

Reacting to the move by CBN, the affected fintech said assures investors of the security and safety of their funds.

Bamboo in a message to investors said it was aware of the development and looking into the matter

“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,” Bamboo said.

Risevest, also affected by the move, said funds will also not be affected.

“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,” Risevest wrote in a mail to investors.

“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.”

Court Grants CBN Request To Freeze Risevest, Bamboo, Others Accounts

The CBN said “it is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited are complicit in operating without license as asset management companies and utilising FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of CBN’s directive.”

The tech companies have said they are willing to work with the regulators to address the concerns of illegitimacy.

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