Fintech giant, Flutterwave said its Virtual Dollar Cards will be unavailable for any transactions and purchases from Sunday, 17th July 2022.
The Virtual Dollar Cards have been a very convenient way for Nigerian merchants to convert their Naira balance into US Dollars on a virtual Mastercard to make payments online.
Before this announcement, Flutterwave had debunked media reports alleging involvement in money laundering, saying it’s a deliberate attempt to launch a campaign of falsehood against Nigeria’s fintech company.
Reports emerged last week Wednesday from Kenya, indicating that authorities had placed restrictions on at least 29 bank accounts suspected to have been used by Flutterwave to hold up a whopping $56.7 million.
However, announcing the service suspension on Virtual Dollar Card, Flutterwave said:
“We are writing to inform you that effective Sunday, 17th July 2022, all our Virtual Dollar Cards will be unavailable for any transactions and purchases.
“This is due to an update from our card partner, which will cause the card aervice to be unavailable for an extended period of time.”
Here is a breakdown of what to expect from 17th July:
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).
Urgent next steps:
We recommend that you unlink your Dollar Card(s) from any recurring payments, and replace with another payment method.
Download your card statement immediately for future reference.
If you notice an incorrect card balance, please contact us.
We understand this update could cause you inconvenience; we want to apologise for the trouble and assure you that we are working with our card partners to restore this service as soon as possible.