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Nigerians, Others Can Now Withdraw Funds on Their Payoneer MasterCard

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Nigerians Can Withdraw Funds on their Payoneer MasterCard Starting from Monday

Following the completion of the Financial Conduct Authority (FCA) audit on Wirecard Card Solutions Limited (WCSL) in the United Kingdom, Payoneer MasterCard holders can now withdraw the funds on their cards starting from next week, according to Payoneer management.

In a statement issued by Payoneer management and seen by Investors King, the FCA has lifted the hold on Payoneer Prepaid Mastercard, therefore, Nigerians and other clients of the payments company can now withdraw their funds starting from July 6, 2020.

This is coming almost a week after the FCA freezes all funds on Payoneer MasterCard to allow investigators get to the root of financial misappropriation at WCSL, the issuer of all Payoneer Prepaid MasterCard.

While this is good news, freelancers should know that the investigation to unravel the $2 billion missing from the Wirecard bank account continues. Therefore, freelancers using Payoneer Prepaid Mastercard are advised to withdraw their funds immediately it becomes available on Monday.

The Payoneer statement reads “We’re happy to inform you that the FCA has completed its audit and lifted the freeze on your Payoneer Prepaid Mastercard® card. We know that this period has been difficult for you. We appreciate your patience and support while we worked to get the situation resolved swiftly.”

The last line, ‘while we worked to get the situation resolved swiftly,’ indicated that investigation is ongoing.

We, therefore, advised all freelancers using Payoneer Mastercard to withdraw their funds once it is available for withdrawal on July 6, 2020 to avoid story that touched.

The company added that “You can withdraw the funds on your card from an ATM or spend them online and in-store. While you may wish to withdraw your funds very quickly, we have been assured by the FCA that no further problems are expected.

“From Monday July 6, 2020, you will once again be able to withdraw your funds to your local bank account and use your balance to make payments. Until then, we will waive the flat ATM withdrawal fee.

“All future payments will continue to be received to your Payoneer currency balance, not your card. Even though the FCA announced that the cards are safe to use, we will offer a new card issuer soon, ensuring long-term safety of your earnings.”

On the proposed new card, Payoneer said customers will be contacted once there is a new card solution. Another red flag suggesting the company does not presently have a solution for its prepaid MasterCard.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

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Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Startups

Google Leads $250 Million Funding Round for Glance

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A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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Technology

Cyber Threats Surge as Nigeria’s Digital Economy Expands

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As Nigeria’s digital economy flourishes, it faces escalating cyber threats, prompting the Federal Government to issue 33 cyberattack advisories in the past year.

These warnings, issued by the Nigeria Computer and Emergency Response Team (ngCERT), highlight the growing vulnerability of the nation’s digital infrastructure.

Since July 2023, ngCERT has alerted Nigerians to new attack methods and vulnerabilities. With 22 advisories issued in 2024 alone, the surge in cyberattacks coincides with the accelerated digitization spurred by the COVID-19 pandemic.

Monthly internet usage in Nigeria soared from 125,149.86 terabytes in December 2019 to 753,388.77 terabytes in March 2024.

The National Information Technology Development Agency (NITDA) notes that increased digitalization has heightened cybersecurity risks, necessitating robust protective measures.

According to Check Point Research, Nigerian businesses face approximately 2,308 attacks weekly across all sectors.

The advisories reveal various cyber threats, including ransomware and banking trojans. A recent warning highlighted Grandoreiro, a malware targeting over 1,500 banks globally, affecting 41 banking applications in Nigeria alone.

These attacks aim to steal sensitive financial data, potentially causing significant financial losses.

Nigeria’s critical infrastructure is also under threat. In August, pro-Nigerien hackers attempted to disrupt MTN Nigeria’s network, although they were unsuccessful.

During the 2023 elections, the government recorded 12.99 million cyberattacks, underscoring the scale of the threat.

Cybercrime costs Nigeria about $500 million annually. This includes data damage, stolen money, lost productivity, and post-attack disruptions.

The Federal Bureau of Investigation ranked Nigeria as the 16th country worst affected by cybercrime in 2020.

Experts emphasize the need for stronger cybersecurity measures. Adesina Sodiya, a professor of Computer Science and Information Security, warns that cyberattacks will continue to grow in sophistication.

He stresses the importance of building a cybersecurity curriculum and involving experts in creating effective strategies.

In response, NITDA plans to reduce cyberattacks by 40% by 2027. “As we digitize, we must build with security in mind,” said Kashifu Inuwa, director-general of NITDA.

The agency aims to implement comprehensive strategies to protect Nigeria’s burgeoning digital economy.

As Nigeria’s digital economy expands, it must address the growing cyber threats that accompany this progress. By enhancing cybersecurity measures and fostering collaboration among stakeholders, Nigeria can safeguard its digital future.

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