Payday, which prides itself as the future of neobanking is stuck with no bank accounts to service its customers.
TheNewsGuru.com (TNG) reports Payday is a pan-African financial technology company founded in May 2021, helping Africans send and receive money globally.
Headquartered in Canada and Rwanda, Payday’s product offerings include foreign account for customers in USD, GBP, EUR and 20+ other foreign currencies.
Other product offerings of Payday include getting paid by foreign employers and clients, issuing Virtual Mastercards, and paying tuition and other fees in the United States, Canada and the United Kingdom.
However, customers of Payday have been left stranded after the fintech company ran into issues with its licensed transmitters.
Questions about the viability of Silvergate, one of Payday’s partners, surfaced after shares of the crypto-friendly bank plunged roughly 98% from a November 2021 peak.
Payday responded, fighting tooth and nail, by announcing its customers would be getting new accounts.
“Following the news affecting Silvergate, our previous banking partners in the US, Payday users will be getting new USD virtual accounts.
“All you need to do is click “Top-up” on your existing account, submit the required information, and a new one will be generated for you over the next few days. This update is live on iOS and will roll out on Android soon.
“We also would love to mention that all your funds are intact and you can keep receiving inflows with your new account.
“Kindly note that any funds sent to your previous account from now will be reversed to the sender by the initiating bank.
“We remain committed to building a one-stop-shop for Africans trying to transact globally,” a statement by Payday reads.
However, Twitter is replete with complaits by many of the fintech customers who have not been able to get new accounts with their USD funds stuck and payments left hanging.
Morning, superstars ✨
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1. Most of the pending USD, EUR & GBP Accounts will be approved today. We’re also switching to automated approvals this week.
2. Still experiencing slight NGN payout delays. Monitoring closely and will continue to update you.
Have an amazing week 💫
— Payday (@ourpaydayHQ) March 13, 2023
While Payday had promised most of the pending USD, EUR and GBP accounts will be approved as of Monday, the issues customers are facing persist.
Meanwhile, a check shows the fintech support Twitter account is currently restricted by the microblogging platform.