EXPERTS NIGERIA Fintech start-up, Flutterwave reveals why 86FB accounts were suspended 2 months ago Szarlot Post Views: 123 Nigeria’s fintech company, Flutterwave, has dismissed a claim by 86FB, a gambling platform offering investment services, that it withheld funds belonging to Nigerians who invested in its promotion offerings. A few days after 86FB was labelled a ponzi scheme, the sports betting platform released a statement on Friday and accused Flutterwave of colluding with the police to freeze its account, thereby making it impossible to pay investors. Ripples Nigeria had reported on Tuesday that cash belonging to Nigerians who invested in 86FB’s offerings had been trapped as the online gambling firm halted payment to investors. 86FB directed affected Nigerians to demand their money from Flutterwave, claiming that the start-up planned to take over their money. However, in its response to Ripples Nigeria inquiry on Sunday, Flutterwave said it was not in possession of 86FB’s customers’ funds. The company said: “We are aware of reports by a platform called 86FB/86Z claiming that Flutterwave has been withholding their funds. Flutterwave is not a bank; we are a payment processor and do not hold customers’ funds including those belonging to customers of 86FB/86Z. All transactions passed through the Flutterwave payment platform are treated and settled in line with regulatory requirements.” The fintech start-up revealed that following the suspension of 86FB accounts, all funds due to the merchants were settled. “We also settled all funds due to these merchants. No funds currently due to the merchants are with Flutterwave,” it added. It directed 86FB customers to approach the investment company for payment issues. Why Flutterwave suspended 86FB merchants’ accounts? Ripples Nigeria gathered that merchants processing transactions for 86FB were transacting a business different from the service the sport betting firm registered to operate on Flutterwave payment channel. This is a breach of Flutterwave’s terms of service as well as that of regulatory requirements. The disparity was discovered during a Know-Your-Customer routine check by the payment processor, which mandated termination of the merchants operation. A recent exercise revealed that some merchants were passing transactions on behalf of 86FB/86Z—a business not registered or approved by Flutterwave. Where transactions are done contrary to the registered nature of a business, we are required to take appropriate actions up to and including termination. For example, if a merchant is registered to sell tomatoes and without approvals, starts selling cars, the merchant is in breach of our terms of service and regulatory requirements. “During our investigation, we identified direct merchants of Flutterwave who were processing transactions for 86FB/86Z without our approval or authorization to do so on the Flutterwave platform. As a result, we notified the merchants to cease processing and suspended their use of the Flutterwave platform,” – the Fintech start-up stated. Source: ripplesnigeria.com SzarlotI am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. Facebook Twitter LinkedIn Email Print Tags: 86FB merchants, FinTech, Flutterwave Continue Reading Previous African TV advertising looks like it bounced back in 2021Next WhatsApp launches emoji reactions feature to clean up chats More Stories BETTING NIGERIA The Future of Sports Betting in Nigeria 1 day ago Samuel EXPERTS WORLD NEWS TVBET is going to attend iGB Live 2022 2 days ago Iwo Bulski EXPERTS SOUTH AFRICA Future of online gambling industry in the African market 3 days ago Szarlot CASINO EXPERTS The best tips for beginner roulette players. 4 days ago Samuel EXPERTS TANZANIA Only 2 weeks for SBEA+ in Tanzania 4 days ago Iwo Bulski EXPERTS NIGERIA Nigeria’s NLRC takes action on fake sports betting permits 5 days ago Samuel BETTING NIGERIA Nigerian legend Nwankwo Kanu becomes ambassador for sports betting company 5 days ago Iwo Bulski EXPERTS UGANDA SCCG and Uganda’s Genius Gaming Consult sign Africa 1 week ago Iwo Bulski NIGERIA ONLINE Towards robust cyber security for Nigeria 1 week ago Samuel BETTING NIGERIA Ilot NG: sports betting and the economic impact 1 week ago Iwo Bulski EXPERTS TANZANIA Eventus to Welcome Gaming Leaders in Tanzania – Three Weeks Until SBEA+ 2 weeks ago Iwo Bulski EXPERTS SOUTH AFRICA How Popular Is Cryptocurrency In Africa? 2 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.