Business Post Contributor
By Ashemiriogwa Emmanuel
Following the latest move by the Central Bank of Nigeria (CBN) which has sent investors into a frenzy, affected financial technology (fintech) companies have assured their subscribers that their monies are safely managed and accessible.
On Tuesday, Justice Ahmed Michael of the federal high court in Abuja granted the apex bank’s request to freeze the bank accounts of few fintech companies for six months as a result of alleged “illegal foreign exchange transactions.”
According to the national lender, “it is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited are complicit in operating without a 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.”
In response to the fresh action by CBN, some of the above-listed financial institutions have sent messages to their investors, informing them that their monies are intact and that they are willing to work with the regulators to address the concerns of illegitimacy.
Chaka Limited, in a message to investors seen by Business Post, said “With respect to the recent news, please be rest assured that your investments remain safe and accessible on Chaka.
“Chaka is duly licensed by the Security Exchange Commission (SEC), which means that all of our operations are within the purview of Nigerian regulators.
“Funds on Chaka are insured by the SIPC and all investments are registered and regulated by the Security Exchange Commission (SEC) and Nigerian Exchange Group (NGX).
“We have begun engaging with appropriate authorities to gain clarity and clear any misunderstandings. We will continue to update you with any developments on the matter.”
Also, a multipurpose technology firm, Risevest, which was also affected by the move of the CBN, informed its stakeholders that their investments are secured and all financial processes will go on as normal.
The company said, “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.”
Similarly, Bamboo Limited alerted its investors that it was aware of the situation and was looking into the matter, assuring them that their funds were safely managed.
“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.
