The Apex bank in Nigeria recently received a court order to freeze the bank accounts of four Fintech companies for One hundred and Eighty (180) days including Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited, and Trove Technologies Limited.

The argument put forward by CBN counsel was that these companies were in violation of the trading laws and directives of the CBN regarding foreign exchange transactions, put in place to safeguard the international value of the Naira and promote a sound financial system in Nigeria. This paper seeks to highlight the particular directives alleged to have been contravened by these fintech companies as well as the jurisdiction of the CBN to obtain an order freezing the bank accounts of these companies.Read More