July 16, (THEWILL) – Amid raging controversies against it, African financial technology (Fintech) company, Flutterwave has announced plans to shut down usage of its virtual dollar card service, ‘Bartercard’ effective from July 17th, 2022.
This may worsen the image-fading challenge the firm has suffered in recent times.
The company made the announcement to its customers on Friday, indicating that the shutdown will be in effect until further notice.
By this development, many users of the service will be denied access to carry out dollar related transactions using their financial platform.
Analysts express concern that this may worsen online dollar transaction problem in Nigeria Africa.
The company said, “you will be unable to make online and in-store payments and purchases using your Virtual Dollar Card(s); You will be unable to fund existing Virtual Dollar Card(s); your existing Virtual Dollar Card(s) will be terminated, and the corresponding balance will be credited to your payment balance; You will be unable to create new Virtual Dollar Card(s).”
It could be recalled that the Fintech company had in August 2020 disclosed that they work with major card infrastructure partners to issue cards to their customers.
This development, however, has triggered reactions from the virtual card service users. Some shared concerns over the sudden announcement of the unavailability of the card from Sunday. Many decried the incessant dollar card challenges in Nigeria.
On Twitter, @jessedayusuf asked “PayDay and Barter, both having their virtual cards “temporarily unavailable. Has Nigeria been blacklisted?”
@onejoblessboy on Twitter said “Barter removing the Dollar card feature just shows the state of the industry and may be by extension, the state of the nation. Remember PiggyVest also temporarily discontinued their Dollar Savings feature. Nigerians, wear your ‘jeans!’ payments.”
Edwin Ajogun described the news as a blow to Nigerian payments system when he stated that “Barter’s dollar cards will be unavailable from this Sunday, another blow to Nigerian economy”.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
