After restricting Muhammad Muhammad’s wallet, where he had deposited N5 million, Thepeer, a fintech API startup, shut down operations. Muhammad is an entrepreneur and owner of Bilqees Poultry Farm, a business registered with the Corporate Affairs Commission.
He had only begun using the fintech’s services in March, and in his first month as a customer, Muhammad’s account with Thepeer was restricted. This was after he deposited N5,000,800 in it via a Wema Bank virtual account.
Evidence of Muhammad’s Payment
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“On March 7, I deposited a total of N5,000,800 into Thepeer wallet from my Moniepoint account. The funds were transferred in several transactions. Shortly after the deposit, I attempted to initiate a withdrawal and discovered my account had been restricted,” said Muhammad.
“I contacted customer support, and I was informed the suspension was due to the nature of cash inflow into my account.”
A tech reporter with knowledge of fintechs told FIJ that Thepeer operated as an API before shutting down. He added that it allowed users to send and receive money across digital wallets. When Muhamad informed Thepeer about the restrictions placed on his account, they told him to provide some documents.
He was told to provide a valid international passport, proof of source of funds, authentic bank statements for three months, a current status report from the CAC and some other documents to facilitate an investigation and lift the restrictions on his account.
Muhammad provided all the required documents, but the restriction on his account has not been lifted.
“I have made multiple attempts to contact them, requesting either the lifting of the suspension to allow withdrawals or a refund. Unfortunately, my requests have gone unanswered. My life savings are in the wallet,” said Muhammad.
In a statement on April 1, the fintech announced it was shutting down. Since this announcement was made, Muhammad has been uneasy. He is worried he may lose his money.
“This announcement is particularly concerning because my funds are still locked in the account. I am worried about losing my hard-earned money,” he said.
FIJ sent Thepeer an email on Friday, but they had not responded at press time. This reporter also reached out to Chike Ononye, the founder, on X, but there was no response from him.
