Investing platform Risevest has announced the shutdown of its virtual card service, effective from September 30, 2024. The company notified users via email, explaining that the decision was due to ongoing issues with card providers, fluctuating exchange rates, and delays in resolving service-related problems.

In the email, Risevest assured users that any remaining funds on the virtual cards after the shutdown will be automatically transferred to their Rise wallets. This move comes as exchange rate instability continues to impact financial services across Nigeria.

The shutdown follows a growing trend of fintech companies facing challenges tied to the unpredictable nature of the exchange rate market in the country. Despite this setback, Risevest remains committed to providing its users with investment opportunities and financial solutions in the changing economic landscape.