Investing platform, Risevest today notified users of the shuttering of it’s virtual card, effective from 30th of September.
In an email sent to users, Risevest blamed the shutdown on the challenges with the card providers, “fluctuating exchange rates, and delays in issue resolution.”
Risevest disclosed that funds left on the cards after the shutdown will be automatically transferred to Rise wallet after the service ends.
Risevest further notified that while it may be disappointing for some, the company “remains committed to developing better tools that align with the [your] evolving financial needs.,”
The shutdown of Risevest’s virtual card comes months after another Nigerian fintech, Carbon shutdown it’s virtual card service.
It would be recalled in 2022, after a six-week investigation, a panel found Risevest’s CEO, Eke Urum, guilty of sexual misconduct and abuse of power. Urum was asked to step down in August 2022 following the emergence of these allegations, with the company’s Head of Operations stepping in as interim CEO. However, in 2023, Eke returned as CEO and he has been in the position since then.
