Payday lifts restriction on 60% of 2000 affected accounts, CEO says

Payday lifts restriction on 60% of 2000 affected accounts, CEO says

Rwandan fintech startup, Payday said it has reversed restriction on 60% of the about 2000 accounts that were restricted for violating its terms of use. "This is two months since Payday restricted by account," a Payday user posted on August 16. After continued complaints by users on social media, the Rwandan fintech company issued a statement to "address claims of account restriction" on Monday.

Rwandan fintech startup Payday has lifted restrictions on 60% of the approximately 2,000 accounts that were previously restricted due to violations of its terms of use. The company's CEO, Favour Ori, addressed user complaints on social media by explaining that the restrictions were implemented in response to suspected fraudulent or prohibited activities. Following investigations, Payday has reversed the restrictions on a significant portion of the accounts. The fintech, which facilitates global payments from and to Africa, processes around 40,000 transactions per day and serves 330,000 users. It enables African workers to receive payments in various currencies and withdraw using virtual Mastercard cards. Payday operates in Rwanda, Nigeria, and the UK, and it has recently expanded its services to include features like local bill payments and virtual Naira cards. The company was also involved in a rumored acquisition by Moniepoint, but both companies denied this news.

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