{"id":72437,"date":"2021-08-18T05:42:14","date_gmt":"2021-08-18T04:42:14","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=72437"},"modified":"2021-08-18T05:42:14","modified_gmt":"2021-08-18T04:42:14","slug":"bamboo-risevest-react-to-cbn-freeze-order","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/08\/18\/bamboo-risevest-react-to-cbn-freeze-order\/","title":{"rendered":"Bamboo, Risevest react to CBN freeze order"},"content":{"rendered":"

Following the order secured by the Central Bank of Nigeria to freeze accounts of Bamboo, Risevest over illegal FX transactions, the said Fintech companies have reacted to the development.<\/p>\n

The fintech companies said investors’ monies are safe and accessible.<\/p>\n

Reacting to the move by CBN, Bamboo in a message to investors<\/a> said it was aware of the situation and looking into the matter, assuring investors that funds are safe.<\/p>\n

\u201cWe are 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 and will always be accessible,\u201d Bamboo said.<\/p>\n

Risevest, also affected by the move, said funds will also not be affected.<\/p>\n

\u201cWith 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,\u201d Risevest wrote in a mail to investors.<\/p>\n

\u201cWe 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.\u201d<\/p>\n

The CBN said\u00a0\u201cit is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited are complicit in operating without license as asset management companies and utilising FX sourced from the Nigerian FX market for purchasing foreign bonds\/shares in contravention of CBN\u2019s directive.\u201d<\/p>\n

The tech companies have said they are willing to work with the regulators to address the concerns of illegitimacy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the order secured by the Central Bank of Nigeria to freeze accounts of Bamboo, Risevest over illegal FX transactions, the said Fintech companies have reacted to the development. The fintech companies said investors’ monies are safe and accessible. Reacting to the move by CBN, Bamboo in a message to investors said it was aware […]<\/p>\n","protected":false},"author":17,"featured_media":72444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[16059,658,16060,16055],"class_list":["post-72437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-bamboo","tag-cbn","tag-freezing-order","tag-risevest"],"yoast_head":"\nBamboo, Risevest react to CBN freeze order<\/title>\n<meta name=\"description\" content=\"Following the order secured by the Central Bank of Nigeria to freeze accounts of Bamboo, Risevest over illegal FX transactions, the said Fintech companies have reacted to the development.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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