86FB mum as Flutterwave reveals why it suspended its account

Nigerians who invested in 86FB, have begun demanding for their funds to be released even as the alternative investment platform continues to blame fintech company, Flutterwave, for its inability to run efficiently and pay up its investors.

This is on the background of the company pointing accusing fingers at Flutterwave for its woes, prompting a message that was displayed on its website claiming that Flutterwave has maliciously frozen its funds, and intends to extort 86FB by collaborating with the local police.

Since last week’s allegation against Flutterwave, the platform has remained silent as efforts to reach the company were not successful, especially after Flutterwave revealed in a statement that merchants on behalf of 86FB, were passing off transactions not approved by Flutterwave.

What Flutterwave is saying about 86FB’s funds

Flutterwave has however dismissed the claims made by 86FB stating that it is not in possession of its customers’ funds. Flutterwave claims merchants processing transactions for 86FD breached its terms of service, as well as its regulatory requirements by processing transactions for 86FB different from the service the gambling and investment site registered to operate on Flutterwave’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.
  • “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.” 
  • The payment platform said that following the suspension of 86FB accounts, all funds due to the merchants were settled. It, therefore, advised 86FB investors and users to approach the investment company for payment issues.
  • “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.

This however has not stopped investors from demanding a refund of their investment from 86FB, as some have made it clear that their business is not with Flutterwave, but with the investment platform. Others have gone on to seek inquiries from different quarters on the next line of action to take.

86FB did not respond to messages sent by Nairametrics asking how customers can get their funds back.

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