Fintech company, PiggyVest, have announced their split from Providus Bank to Wema Bank after the latter pulled back from running virtual account services.
Providus’ move comes after the Central Bank of Nigeria (CBN) clamped down on Cryptocurrency, ordering all banks in the country to block every account engaged in crypto-transaction.
A statement released by the fintech company said: “Yesterday we received official communication from our partner bank – Providus Bank that they would no longer be supporting the virtual accounts service with immediate effect.
Would ask that you don’t panic and be rest assured that you would be able to access all your funds, as we are currently working with the bank to reconcile the funds in their position for availability and a graceful exit.
We believe as soon as tomorrow but no later than Wednesday, we will back with a new partner bank.
Your integrations to us will not change and we will only be communicating new account numbers to replace the issued ones.
We also advise that you communicate to your customers that the Providus account numbers will no longer be available but they would receive new account numbers soon.
The silver lining to all these is you will experience a much more stable and reliable product as we have taken steps to improve using the [earnings we have had with our previous provider.
When we started Monnify over a year ago, we knew what we were different and our mission of helping businesses like yours succeed made us work extra hard around to clock to deliver these mission-critical services.
Organizations like yours have trusted us with your business and helped us grow, so we thank you for that continued faith in us.
We want to sincerely apologize for any inconvenience caused and ask for your patience as we are powering through these.”