• About
  • Advertise
  • Privacy & Policy
  • Contact
The Outlet Newspaper
Advertisement
  • Home
  • News
  • Business
  • Health
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Home
  • News
  • Business
  • Health
  • Politics
  • Sports
  • Technology
No Result
View All Result
The Outlet Newspaper
No Result
View All Result
Home News

Panic as Piggyvest, Risevest, and others deactivate the accounts of Providus Bank users

Esther by Esther
February 8, 2021
in News
0
Panic as Piggyvest, Risevest, and others deactivate the accounts of Providus Bank users
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

On Sunday, Nigerians were thrown into a world of panic as major technology-driven financial institutions on their platforms deleted their bank account data.

Some of the fintech firms include Piggyvest, Risevest, Agropartnership, Chaka and other investment and savings platforms. Removing the specifics of the account is no coincidence. The move was announced by all fintechs that make use of virtual accounts provided by Providus Bank for subscriber savings and investments.

“We received information that the existing Providus Virtual Accounts are inactive from our virtual account provider,” Piggyvest said in a statement.

As a result, the Fintech company had to change the bank account linked to the savings of each user on Piggyvest.

The business assured platform users that all their funds are safe and stable.

In an email to users, another Fintech Monnify revealed that Providus Bank decided that on Friday it will no longer support their virtual accounts.

Monnify asked its users not to panic because it is “working with the bank (Providus) to reconcile accessibility and graceful exit as money in their position.”

The Fintech promised its users that to handle funds and investments in their custody, they would “come back with a new partner bank.”

Fundall also sent its users a similar email saying they would not be able to fund their savings account on the site on Sunday at the moment.

The fintech announced to its customers that it is working to gain charge of “our processes and to reduce third-party reliance.”

“In the coming weeks, we will be completing the integration,” Fundall said in an email to users.

The shift witnessed by other fintech companies has also inspired a stock micro-investment site, Trove Finance.

“We will soon issue new account numbers,” tweeted Trove Finance. “Cards and other channels of payment remain involved.

“Note: This doesn’t affect funds in your wallet.”

Although the cause of the withdrawal of Providus Bank from its partnership with the Fintechs is unclear, many suspect that the Central Bank of Nigeria may be related to the recent policy.

On Friday, CBN instructed banks inside their networks to close accounts of individuals or organizations involved in cryptocurrency transactions.

In a circular distributed to Deposit Money Banks (DMBs), non-bank financial institutions (NBFIs) and other financial institutions, CBN issued the directive (OFIs).

Many of the fintechs whose relationship with Providus Bank has been halted are involved in investments in crytocurrencies, purchasing, selling and converting to the currency of the Nigerian naira.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited, ” CBN’s director for banking supervision Bello Hassan and director of the payment system management department Musa Jimoh said in the circular.

Many Nigerians have continued to accuse the government of implementing anti-people policies.

“The ripple effect of the clampdown on cryptocurrency trading accounts and now Providus Virtual account is worrisome,” Wale Adetona, a digital marketer tweeted. “This is an obvious attack on Fintechs.”

SOURCE: THE GUARDIAN

Previous Post

88-year-old woman killed and husband wounded in French garage blast

Next Post

The minimum wage hike proposal for Biden will have mixed outcomes: research

Esther

Esther

Next Post
The minimum wage hike proposal for Biden will have mixed outcomes: research

The minimum wage hike proposal for Biden will have mixed outcomes: research

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
CLEEN Foundation organises accountability forum to strengthen civil-military relations

CLEEN Foundation organises accountability forum to strengthen civil-military relations

September 8, 2020

CLEEN Foundation put together stakeholders virtual meeting on Counter-Terrorism Legislation

August 21, 2020
More Nigerians Stranded In France, Others To Return Home – FG

More Nigerians Stranded In France, Others To Return Home – FG

August 12, 2020
CLEEN Foundation unveils a platform for continent-wide collaboration and sharing of innovative ideas.

CLEEN Foundation unveils a platform for continent-wide collaboration and sharing of innovative ideas.

November 2, 2020

British Socialite Ghislaine Maxwell Arrested In Epstein Case

0

Ganduje To Present Reviewed Budget To Kano State Assembly

0

Court Adjourns Ize-Iyamu’s N700m Fraud Suit

0

COVID-19: FG Making Plans For Students To Write Exams, Says Education Minister

0
Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

Talon of Benin is expected to win re-election after a ballot.

April 11, 2021
Gov. Lalong condemns the assassination of miners in Jos South.

Gov. Lalong condemns the assassination of miners in Jos South.

April 10, 2021
Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

On the Lagos-Badagry expressway, CP removes roadblocks.

April 10, 2021
Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

In the South-East and South-South, we have a serious security situation – I-G.

April 9, 2021

Recent News

Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

Talon of Benin is expected to win re-election after a ballot.

April 11, 2021
Gov. Lalong condemns the assassination of miners in Jos South.

Gov. Lalong condemns the assassination of miners in Jos South.

April 10, 2021
Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

On the Lagos-Badagry expressway, CP removes roadblocks.

April 10, 2021
Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

In the South-East and South-South, we have a serious security situation – I-G.

April 9, 2021
https://theoutlet.com.ng/wp-content/uploads/2020/11/ACJA-NON-CUSTODIAL-OPTIONS-TO-SENTENCING-COMMUNITY-SERVICE.mp4

Recent Posts

  • Talon of Benin is expected to win re-election after a ballot.
  • Gov. Lalong condemns the assassination of miners in Jos South.
https://theoutlet.com.ng/wp-content/uploads/2020/11/ACJA-PROPER-RECORDING-OF-SUSPECT.mp4

Recent News

Bandits kill four people in Kaduna’s Igabi and Jema’a LGAs.

Talon of Benin is expected to win re-election after a ballot.

April 11, 2021
Gov. Lalong condemns the assassination of miners in Jos South.

Gov. Lalong condemns the assassination of miners in Jos South.

April 10, 2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 The Outlet

No Result
View All Result

© 2020 The Outlet