Bamboo Systems Technology and other Nigerian fintech firms have reacted to the order by the Federal High Court in Abuja to freeze their bank accounts.
This order is coming after the Central Bank of Nigeria (CBN) filed a case against the firms for operating without obtaining licence as asset management companies and utilizing Foreign Exchange (FX) sourced from the Nigerian FX market for purchasing foreign bonds/shares in contravention of the CBN circular referenced TED/FEM/FPC/GEN/01/012, dated July 01, 2015.
The investment and trading platforms affected are Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd OPNS, Chaka Technologies Limited, CTL/Business Expenses and Trove Technologies Limited.
Reacting to this, the fintech firms have assured its users of the safety of their funds amid the CBN freezing their accounts on Tuesday, stating that they are negotiating with government authorities and urged users not to panic about the safety of their funds.
Bamboo said it is aware of the recent reports and their “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.”
Chaka, however, argued that it “is duly licensed by the Security Exchange Commission (SEC), which means that all of our operations are within the purview of Nigerian regulators.”
The firm said it has started engaging with appropriate authorities to gain clarity and clear any misunderstandings.
“Funds on Chaka are insured by the SIPC and all investments are registered and regulated by the Security Exchange Commission (SEC) and Nigerian Exchange Group (NGX),” Chaka said in an email to its users.
