Nigerian investment startup Rise will discontinue its virtual card service on September 30, 2024. The company attributes this decision to Nigeria's volatile exchange rate environment and issues with its card provider.
The discontinuation of Rise's virtual card service highlights the complex regulatory and operational landscape for fintech companies in Nigeria.
Rise's move follows a trend among Nigerian fintech companies reassessing their product offerings in light of the challenging economic environment.
In 2023, Risevest, another investment platform, faced issues with its virtual card service, including deactivating user accounts due to suspected fraudulent activities.
This trend highlights the complex regulatory and operational landscape fintech companies navigate in Nigeria. Funding for virtual cards on the platform is currently disabled, and Rise will entirely remove the feature from the app on Monday, September 30 2024.
