Providus Bank has deactivated the virtual account numbers of Monnify and PiggyVest.

Monnify revealed on its social media platform that it received official communication from Providus Bank that it would no longer be supporting virtual account service with immediate effect.

“Yesterday, we received official communication from our partner – Providus Bank that they would no longer be supporting the virtual accounts service with immediate effect.

“We would ask that you don’t panic and be rest assured that you would be able to access all your funds, as we are currently working with the bank to reconcile the funds in their position for availability and graceful exit,” Monnify tweeted.

Even though the bank did not state the reason for deactivating the virtual accounts, it is believed it may not be unconnected to the recent directive by the CBN prohibiting financial institutions from facilitating crypto-related transactions through the banking system.

Virtual account numbers have been used by fintech companies like Piggyvest, Risevest, Cowrywise Abeg app, and others for the last 3 years. The virtual account numbers are used to ensure that their customers can efficiently fund their wallets via bank transfers using the likes of USSD, Internet banking, and other bank transfer channels instead of depending on debit cards.

Providus Bank’s decision to no longer support virtual accounts has left users in a state of uncertainty, especially after the bank gave no clear reason.

Monnify has however promised to partner with another bank to restore the service back to the organizations that use its service.

On its part, PiggyVest, another fintech payment platform that helps in managing the finances of businesses and individuals has already assigned new virtual account numbers to its users using Wema bank as their new partner.

It notified its customers via its Twitter handle, stating, “We’ve received communication from our Virtual Account Provider (Providus Bank) that the existing virtual accounts are currently inactive.

“Please log in to your account to get your new virtual account details”

Other fintechs are subsequently expected to react this week.

The development has since sparked mixed reactions on Twitter.

https://nairametrics.com/2021/02/07/providus-bank-deactivates-virtual-account-numbers/A

Piggyvest Setup New Virtual Card As CBN Fights Providus

Piggyvest Nigeria top fintech company suffered some setback after CBN ban on banks engaging in cryptocurrency affected their partnership with Providus.

HOW DOES PIGGYVEST CONNECT WITH PROVIDUS
Providus provides virtual bank account (NUBAN) to piggyvest users to enable direct credit into their platform from any bank app.

This bank on Providus made this feature to be disabled and without NUBAN number piggyvest violates another CBN policy. In less than 24hrs Piggyvest solved the problem with a partnership with Wema.

Business lessson: Be flexible. The adoption of the virtual system if you understand coding is record time. I doubt if any bank in Nigeria can work with such spread.

am also waiting for one finance(carbon) to do same, been having problems logging in

Which one is finance carbon? Never heard of them.

Ashibelieve:
Which one is finance carbon? Never heard of them.

formerly known as paylater

I think there's an effort to destroy fintech in Nigeria.

I don't think so. It's just regulation and bottle neck comes with regulations.

Aug28th:
I think there's an effort to destroy fintech in Nigeria.

I knew they will attack these virtual bank accounts, Buhari and his goons in action

And it has began....

Ok

Am expecting VFD too

I go soon leave this country for una

k

This country is doomed

Cheii

Hh

Buhari means disaster, I just Google it now

Do not build for the Nigerian market, but Build for the world. Just a single CBN POLICY and everywhere has collapsed.

This is quite a sad and disheartening period for the FINTECH Space in Nigeria.

Nwannem I learn from the best o, d best Davido

phenomental40:
formerly known as paylater

they give the best loan, best loan app carbon

Ọmọ quidax too don get axed too.... Trades reduced, rates reduced

Wetin piggy vest do una again?

Piggyvest has been one of the best saving app Eva

I am happy they were proactive and got another bank to partner with

Grace exit? My God!!! Money that I put in your safe keeping, you're now telling me you want to give me the grace to exit? Chai.

Glad to hear that they are handling the situation pretty well. People work so hard for the money been saved on piggyvest, they don't deserve any story that touches heart

fuckdemrepented:
I go soon leave this country for una

Me I just relocated and you guys want to abandon Nigeria for who naa?

The CBN is really suffering from bad policy managers. I seriously wonder if they actually consider the pulse of potential and existing investors in policy making and implementation. We should expect a huge drop in FDI, foreign port folio investment, and except existing investors to begin a panick exist if they continue to fail to protect investors confidence.

Anyways, let me go and beg garri to eat this night. Hunger wan finish me.

phenomental40:
am also waiting for one finance(carbon) to do same, been having problems logging in

No issue with login on carbon, I just did.

Fintech is being stiffled.

Kaiser20:

Me I just relocated and you guys want to abandon Nigeria for who naa?

we go leave am for them

Oga try to comprehend things.... They meant grace fully exit from providus while they move to another correspondence bank...Your money is still there...na wa oo

SenecaTheYonger:
Grace exit? My God!!! Money that I put in your safe keeping, you're now telling me you want to give me the grace to exit? Chai.