EXPERTS NIGERIA Fintech start-up, Flutterwave reveals why 86FB accounts were suspended 2 years ago Szarlot Post Views: 637 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 About Post Author Szarlot I am a fan of casino games especially roulette and blackjack. After that I analyze current events in the gambling industry. See author's posts 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 EXPERTS GHANA Can you bet on football with crypto? What you should know 4 hours ago Szarlot EXPERTS SOUTH AFRICA The BiG Africa Summit 2024: Day Two Recap 2 days ago Iwo Bulski EXPERTS NIGERIA Bandits funding terrorism through crowdfunding, betting platforms 2 days ago Samuel NIGERIA ONLINE Nigerian crypto fee hike invitation for crypto “big boys” 3 days ago Szarlot EXPERTS KENYA Tappi expands services across Africa beyond Kenya and Nigeria 3 days ago Samuel BETTING NIGERIA Seun Kuti criticizes Nigerian elites over youths sleeping in betting shops 4 days ago Samuel EXPERTS NIGERIA How NLRC Plans to Regulate Gaming 1 week ago Szarlot BETTING NIGERIA Reps to organise public hearing on age limit for betting 1 week ago Samuel EXPERTS UGANDA Top 5 highest-paying jobs in Africa in 2024 1 week ago Szarlot BETTING NIGERIA BetKing Renews Commitment To Ikorodu City FC 1 week ago Szarlot EXPERTS KENYA The impact of Kenya’s Gambling Control Bill 1 week ago Samuel EXPERTS SOUTH AFRICA Celebrate Women in Gaming: Join Us at BiG Africa Summit 2024! 1 week ago Iwo Bulski 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.