CBN Obtains Court Order to Freeze Fintechs’ Bank Accounts.

Yesterday, news broke out that a Nigerian Federal High Court had given permission to CBN (Central Bank of Nigeria) to freeze the Nigerian bank accounts of Risevest, Bamboo, Chaka and Trove for 6 months.

Why did the CBN request this?

The CBN requested to freeze these accounts because it is investigating them for illegal foreign exchange transactions, and needed time to complete the investigations.

Do not panic.

The four firms involved have stated that your funds are safe, and engagement is going on with the regulators.

There is no need to panic. This will be sorted out.