Bamboo, Trove, Risevest React To CBN Freeze Order, Assures Investors ‘Your Funds Are Safe and Secured’

On Tuesday, the apex bank of Nigeria, CBN got a court order to freeze the accounts of 6 fintech companies in order to investigate ‘illegal foreign exchange transactions’ by the companies.

Investors are worried and uncertain of their investment position with the affected fintech companies.

However, Bamboo, Trove and Risevest have reacted to the unplanned development and assured investors that their funds are safe, secured and accessible.

An email to Bamboo clients reads;

“Hi everyone,

We’re 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 with Bamboo and will always be readily accessible.

Cheers,

The Bamboo Team”

Trove also assured investors “Our attention has been drawn to the CBN notice that was recently issued.

“Please be aware that we are and will remain committed to being in compliance with all local laws and regulations and continue to maintain good standing with all existing compliance requirements and regulatory frameworks.

“Be rest assured that your funds and equities are safe and secure with Trove.

“We are currently liaising with the officials of the CBN to get more clarity on the circular.

“Additionally, we have involved legal professionals to manage the ongoing mediation.

“Be rest assured that we are on top of all the happenings and would actively communicate with you all as things progress.

“Thanks for all your support and confidence.”

Risevest, also affected by the move, said 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 utilising FX sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of CBN’s directive.”

The tech companies have said they are willing to work with the regulators to address the concerns of illegitimacy.