₦airaland Forum

Nigerians were thrown into a world of panic on Sunday as major technology-driven financial institutions removed their bank account details on their platforms.

Some of the fintech firms include investment and savings platform Piggyvest, Risevest, Agropartnership, Chaka and others. The removal of the account details is not a coincidence. All fintechs that make use of virtual accounts provided by Providus Bank for subscriber’s savings and investments announced the change.

“We received information from our virtual account provider that the existing Providus Virtual Accounts are inactive,” Piggyvest said in a statement.

Consequently, the fintech company had to change the bank account connected to each users’ savings on Piggyvest.

The company assured users of the platform that all their funds are safe and secured.

Another fintech Monnify in a email to users disclosed that Providus Bank decided that it will no longer support their virtual accounts on Friday.

Monnify asked its users not to panic as it is “working with the bank (Providus) to reconcile as monies in their position for availability and a graceful exit.”

The fintech assured its users that will “be back with a new partner bank” to accomodate funds and investments in their custody.

Fundall also sent a similar email to its users, saying they will not be able to fund their savings account on the platform at the moment on Sunday.

The fintech disclosed to its users that it is working on taking control of “our processes and reduce reliance on third parties.”

“We will be completing the integration in the coming weeks,” Fundall said in an email to users.

A stock micro-investment platform Trove Finance was also affected by the change experienced by other fintech companies.

“We will issue new account numbers soon,” Trove Finance tweeted. “Cards and other payment channels remain active.

“Note: This doesn’t affect funds in your wallet.”

While the cause of the withdrawal of Providus Bank from its partnership with the fintechs is unknown, many believe that it may be connected to the recent policy by the Central Bank of Nigeria.

CBN on Friday directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

CBN gave the directive in a circular distributed to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs).

Many of the fintechs whose partnership with Providus Bank was halted are involved in crytocurrency investments – buying, selling and conversion to the Nigerian naira currency.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” CBN’s director for banking supervision Bello Hassan and director of the payment system management department Musa Jimoh said in the circular.

Many Nigerians have continued to accuse the government of implementing anti-people policies.

“The ripple effect of the clampdown on cryptocurrency trading accounts and now Providus Virtual account is worrisome,” Wale Adetona, a digital marketer tweeted. “This is an obvious attack on Fintechs.”

https://m.guardian.ng/news/panic-as-piggyvest-risevest-others-deactivate-users-providus-bank-accounts/


Lalasticlala

Buhari nomic is a threat normalcy, or rather, normalcy is a threat to Buharinomics.

It's been up and down topsy-turvy rollacoaster-like oscillations for five years and counting as one Marco economic certainties businesses built around themselves gets stripped and becomes seemingly replaced with vagueness, intangible promises, infantile postulating, throwing away stability and steadiness that forms the bedrock of consistent stability and growth only for... Hypothetical unfounded economical experiments, just yesterday it was cryptocurrency bans, before then border closure, before this multiple FX exchange rates, Rice importation land bans, sea entry, Milk importation ban, extravagantly reduced rates for BDC , continous hike in power, fuel costs, 300% hike in electricity tariffs without much MW added to its peak rate at over 5000 MW before Buharinomics assumed the spotlight.... EXCESSIVE TAX CHARGES TO HIGH CBN STAMP DUTIES.. FLAGRANT BLOCKING OF ACCOUNTS INSPITE OF COURT ORDER AGAINST SUCH BLOCKAGES... ... amongst a few all sort of bedevilling execution of issues....


... There's too much economic uncertainty... Too much... If you think it's a lie, throughly assimilate the cross sectional macro economic linings of the country.

That's what you get when you vote in an illiterate nomad, who knows nothing except how to herd cows and how to ensure that d fulani dip der Koran in River Niger.

Since herdsmen have taken over our govt and security agencies...expect worse policies. They don't even care about Cryptocurrency cos dey don't use it..so y won't dey ban it...wen dey live to conquer yu?

My prayer is simple...for every southerner that voted for ds nama...hand must touch you.

Next time you will read ur history very well b4 taking stupid decisions.

Nonsense and ingredients.

Scammers everywhere!

Nigerians are in big trouble with an illiterate cow herder running the country like a cow farm.

shey we dey insult Buhari, the dude is determine to deal with some people..
before baba leaves office, mark this, those oil firms in lagos will be moved to rivers and akwa Ibom states,unless yoruba people stop the attack on his people make i no talk too much.....

I swear

Veqtor:
That's what you get when you vote in an illiterate nomad, who knows nothing except how to herd cows and how to ensure that d fulani dip der Koran in River Niger.

Since herdsmen have taken over our govt and security agencies...expect worse policies. They don't even care about Cryptocurrency cos dey don't use it..so y won't dey ban it...wen dey live to conquer yu?
.


Nonsense and ingredients.

prayer is simple...for every southerner that voted for ds nama...hand must touch you[/b].[/quote]You dey vex o