Nigerian fintech Risevest, Bamboo, others ease fears amid CBN freezing accounts

Nigerian fintech firms Risevest, Bamboo, Chaka, and Trove have assured users of the safety of their funds amid the Central Bank of Nigeria freezing their accounts on Tuesday.

CBN secured an injunction at Federal High Court in Abuja to freeze the bank accounts of four financial technology firms for operating as asset management companies without a license.

Michael Aondoakaa (SAN), a lawyer to the CBN, alleged that the companies were operating without licences as asset management companies “and utilising foreign exchange sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of the CBN circular referenced TED/FEM/FPC/GEN/01/012, dated July 1, 2015.”

However, the fintech firms said they are negotiating with government authorities and urged users not to panic about the safety of their funds.

Bamboo said it is aware of the recent reports and their “legal and government relations teams are looking into it, but we thought it was important to let you know that your money remains safe with Bamboo and will always be readily accessible.”