Flutterwave explains why it suspended 86FB’s account

Flutterwave explains why it suspended 86FB's account

Nigerians who invested in 86FB are demanding their money back, even as the alternative investment platform continues to blame Flutterwave, a fintech business, for its inability to run smoothly and pay its investors.

This comes as the company accuses Flutterwave of being to blame for its problems, prompting a message on its website stating that Flutterwave has intentionally frozen its finances and aims to extort 86FB by working with the local police.

Flutterwave has remained silent since last week’s claim, despite repeated attempts to contact the firm, particularly when Flutterwave stated in a statement that merchants acting on behalf of 86FB were passing off transactions that were not permitted by Flutterwave.

Flutterwave has however dismissed the claims made by 86FB stating that it is not in possession of its customers’ funds. Flutterwave claims merchants processing transactions for 86FD breached its terms of service, as well as its regulatory requirements by processing transactions for 86FB different from the service the gambling and investment site registered to operate on Flutterwave’s payment channel.

  • 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.
  • “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 payment platform said that following the suspension of 86FB accounts, all funds due to the merchants were settled. It, therefore, advised 86FB investors and users to approach the investment company for payment issues.
  • “All transactions passed through the Flutterwave payment platform are treated and settled in line with regulatory requirements.
  • “We also settled all funds due to these merchants. No funds currently due to the merchants are with Flutterwave,” it added.

This however has not stopped investors from demanding a refund of their investment from 86FB, as some have made it clear that their business is not with Flutterwave, but with the investment platform. Others have gone on to seek inquiries from different quarters on the next line of action to take.

 



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