CBN freezes bank accounts of six fintech platforms for 180 days
CBN freezes bank accounts of six fintech platforms for 180 days
CBN freezes bank accounts of six fintech platforms for 180 days
A federal high court in Abuja has granted the request of the Central Bank of Nigeria (CBN) to freeze accounts of six fintech companies.
According to a report by TheCable, the apex bank said it is investigating “illegal foreign exchange trading” by the fintech companies. It sought the court injunction to freeze their account details for 180 days pending the completion of investigations.
The accounts include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Technology Limited OPNS, Chaka Technologies Limited, CTL/Business Expenses, and Trove Technologies Limited.
The CBN alleged that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited were complicit in operating without license as asset management companies “and utilizing 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.
Nairamatrics/ The Cable
