Following the actions of the Central Bank of Nigeria targeting some Fintech companies over alleged ‘illegal foreign exchange transactions, two of the affected companies, Bamboo and Risevest have stated that investors’ funds are safe and accessible.
The CBN secured a court order to freeze the accounts of several fintech companies in order to probe activities that bordered on ‘illegal foreign exchange transactions by the companies.
In its reaction to the development, Bamboo in a message to investors stated that it was well informed about the development and looking into the matter, assuring investors that funds are safe.
“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.
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Similarly, another affected firm, Risevest, stated that 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.”
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 a license as asset management companies and utilizing FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of CBN’s directive.”
The tech firms have expressed their willingness to collaborate with the regulators to address the concerns of illegitimacy.
