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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.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.