Risevest, an investing platform, has informed its users about the discontinuation of its virtual card, which will take effect on September 30th.

In a communication sent to users, Risevest attributed the decision to difficulties with card providers, including "fluctuating exchange rates and delays in issue resolution."

The company stated that any remaining funds on the cards after the service is terminated will be automatically transferred to the Rise wallet.

While acknowledging that this news may be disappointing for some users, Risevest emphasized its commitment to creating improved tools that cater to evolving financial needs.

This announcement follows the recent closure of the virtual card service by another Nigerian fintech, Carbon.

It is worth noting that in 2022, a six-week investigation led to the finding of Risevest's CEO, Eke Urum, guilty of sexual misconduct and abuse of power. Following these allegations, Urum was asked to resign in August 2022, with the Head of Operations taking over as interim CEO. However, Eke Urum returned to the CEO position in 2023 and has remained there since.