Flutterwave Suspends 86FB Account See Why

Flutterwave a fintech company has suspended 86fb account. It claimed that 86fb breached its terms of services as well its regulatory requirements.

 

Nigerians who invested in 86FB have started demanding their money back, according to iexclusivenews. Despite the alternative investment platform continuing to blame fintech company Flutterwave for its failure to function smoothly and pay its investors.

 

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

 

iexclusivenews Nigeria understands that Flutterwave has been 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.

 

What Flutterwave is Saying About 86FB’s Funds

 

Flutterwave, on the other hand, has denied 86FB’s accusations, claiming that it does not have access to its clients’ cash.

 

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Merchants executing transactions for 86FD, according to Flutterwave. Violated its terms of service and regulatory requirements by processing transactions for 86FB that were not the same as the service the gaming and investing site registered to use on it’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.

 

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“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.” 

 

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Following the suspension of 86FB accounts, the payment platform stated that all monies owed to merchants had been paid.

 

As a result, it recommended 86FB investors and users to contact the investment firm if they had any payment concerns.

 

“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.

 

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This hasn’t stopped investors from suing 86FB for a refund, since some have said that their problem isn’t with Flutterwave, but with the investing platform.

 

Others have sought advice from various sources on the next course of action to pursue.

 

This online news outlet sent messages to 86FB asking how consumers may get their money back, but they did not answer.