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

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Bamboo - Investorsking.com

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.”

Trove Assures Customers- Investors King

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.

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Fintech

Moniepoint Inc Vows to Drive Financial Inclusion Amidst National Development Agenda

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Given the critical importance of financial inclusion to national development and building a sustainable economy, Group CEO Moniepoint Inc, Tosin Eniolorunda has reaffirmed his organization’s resolve in increasing financial inclusion and driving the adoption of technology by the underserved consumers in the country.

The Moniepoint boss was speaking on the sidelines of the 16th edition of Leadership Newspapers Conference and Awards where Moniepoint Inc received an award as the Fintech Company of the Year. The event, which took place at the Congress Hall of the Transcorp Hilton Hotel, Abuja also coincides with the 20th anniversary of founding of the Leadership Group. The selection of the award recipients followed a critical review of their various contributions to the growth and development of Nigeria, as laid down by the founding chairman of the LEADERSHIP Newspaper Group, the late Sam Nda-Isaiah.

The prestigious Fintech company of the year award recognizes Moniepoint’s innovative efforts to increase access to financial services for underserved and unbanked populations across Nigeria. Through its nationwide network of point-of-sale terminals and digital payments platform, Moniepoint has empowered millions of Nigerians, including petty traders and roadside businesses, to participate in the digital economy.

“We are immensely proud to receive this recognition from Leadership,” said Tosin Eniolorunda. “From the start, our mission has been to democratize financial services and create equal opportunities for every Nigerian to thrive. Powering dreams and ensuring that the large majority of our people irrespective of where they live experience financial happiness is our reason for being. This award validates our commitment to driving genuine financial inclusion in tandem with the government’s mandate and we are spurred to do more in terms of leveraging innovative solutions and technology to create more value for Nigerians.”

In her welcome remarks, Chairman, Leadership Newspapers, Zainab Nda-Isaiah signposted the role of the awards in recognizing individuals and organizations who are taking bold strides towards creating a more peaceful, stable, and prosperous nation. While paying homage to the legacy of the legendary and visionary Founder and her late husband, Sam Nda-Isaiah, she noted that awards spotlighted those considered deserving and exemplary in their various categories.

“We may not be where we would like to be, but these men and women are making strides in the direction that we hope will lead us to a nation of peace, stability, and the possibility of prosperity for all who dare to seize it”, Nda-Isaiah said.

Keynote presenter, Prof. Kingsley Moghalu, who was speaking to the theme, “An Economy In Distress: Which Way Forward?”, made a case for fixing the fundamentals and advised that the current economic crisis must not be allowed to go to waste.

“There is no better time to fix these challenges than now. The CBN’s policy actions are well intended and will serve to stabilize the macroeconomic environment. We must fully understand the causes that have led us to where we are and ensure that they are fixed by deploying real strategies.” He canvassed for property rights, innovation and access to capital as core pillars for a successful and productive economic growth.

Prominent personalities at the event include, Minister of Information and National Orientation, Mohammed Idris Malagi who represented awardee for Person of the Year, President Bola Ahmed Tinubu; presidential candidate of the Labour Party, Peter Obi, who received the Politician of the Year award; Governors Fr Hyacinth Iornem Alia of Benue State; Dikko Umaru Radda of Katsina State; Seyi Makinde of Oyo State and Mohammed Umar Bago of Niger State; Managing Director/CEO of First City Monument Bank Plc, Mrs. Yemisi Edun who received Banker of the Year Award and Salisu Auwalu, a keke rider from Kano who returned a  bag containing 15m naira  left in his tricycle,  received an award as outstanding Young Person of the year.

It will be recalled that in 2023, Moniepoint MFB received the prestigious Rising Star Family Business Award Pwc/Businessday Family Business Summit; the Most Outstanding Microfinance Bank in Consumer Engagement at the Brandcom Awards, while Moniepoint Inc was listed for the second year running amongst the 100 most promising private fintech companies by CB Insights and the reputable Financial Times named it Africa’s second fastest-growing company. Moniepoint Inc also received critical acclaim as the “Most Outstanding Fintech Company in Financial Inclusion at the Brandcom Awards. Group CEO, Moniepoint Inc, Tosin Eniolorunda was named the 2024 Legit Business Leaders Awards in recognition of his outstanding contributions to Nigeria’s economy.

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Kuda Business Surpasses 100,000 Customers, Empowering Entrepreneurs

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Kuda Microfinance Bank - Investors King

Kuda Business, a segment of Kuda Microfinance Bank, has surpassed 100,000 customers on its platform.

Launched in 2022, Kuda Business serves as an all-in-one business management and banking platform tailored for freelancers and micro, small, and medium-scale enterprises (MSMEs).

The platform offers a range of features including sending estimates and invoices, making bulk transfers, and paying business bills all in one place.

Its user-friendly interface and efficient banking processes have made it a preferred choice among entrepreneurs seeking agility and accessibility in financial management.

Nosa Oyegun, the Vice President of Product Innovation Strategy at Kuda, emphasized the platform’s commitment to empowering small businesses and freelancers.

He highlighted Kuda’s mission to provide essential financial tools necessary for thriving in today’s competitive market.

Okoronkwo Kanno, the Senior Product Manager at Kuda, explained the importance of intuitive and efficient banking platforms in an increasingly digital world.

Kuda Business has rolled out unique features like Sales Mode, Kuda Payroll, and business registration on its mobile app, enhancing its appeal to entrepreneurs.

As recent data from the International Labour Organisation indicates, MSMEs contribute significantly to Nigeria’s GDP and employment.

With Kuda Business exceeding the 100,000 customer milestone, it stands as a testament to its commitment to empowering entrepreneurs and driving economic growth in Nigeria.

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Africa’s Fintech Giant, Flutterwave, Closes Barter to Prioritize Enterprise and Remittance

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Flutterwave - Investors King

Flutterwave, Africa’s leading financial technology company, has announced the closure of its virtual card service, Barter.

According to the leading fintech company, the decision will allow the company to focus resources on enterprise and remittance business segments.

Barter, launched by Flutterwave in 2017, initially symbolized innovation and accessibility for Nigerians seeking international payment solutions.

However, its journey has been marked by challenges, including downtime issues and merchant rejection complaints.

Flutterwave’s recent decision to sunset Barter reflects a calculated shift towards prioritizing services that resonate more strongly with its business strategy and revenue objectives.

In a statement shared with the media, Flutterwave said the decision to discontinue Barter was the result of a comprehensive analysis of market trends and consumer preferences.

The company cited the dominance of its enterprise services as the primary revenue driver, with Barter accounting for only a minute fraction of its transaction volume.

Flutterwave’s pivot towards remittance and enterprise solutions aligns with broader trends in Africa’s fintech ecosystem.

With the continent’s remittance market valued at $54 billion, Flutterwave’s remittance products, Send and Swap, aim to capture a significant share of this lucrative sector.

While the progress of these offerings remains uncertain, Flutterwave’s strategic focus suggests a concerted effort to capitalize on emerging opportunities in the financial services landscape.

As Flutterwave navigates this transition, stakeholders anticipate how its evolving business model will shape the future of fintech innovation across Africa, especially in facilitating seamless cross-border transactions and bolstering enterprise capabilities.

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