The Federal Government of Nigeria is planning to suspend the operations of Lamonade Bank and some other IMTOs in and outside Nigeria. This was part of the move to control forex in the country.
Lamonade Finance allows people outside Nigeria to send money home instantly and for free, an operation the Government is considering its legality and posed to suspend.
The Central Bank has accused Lamonade and others of of aiding and abetting criminals to transfer their proceeds in and outside the country.
The CBN has directed all commercial banks in Nigeria to close any suspicious account belonging to the organizations while also warning the public not to have any transaction with them.
The CBN claimed it has been having fears of their activities as it disrupts markets dynamics.
Apart from the suspicion of an economic sabotage, the apex bank is also concerned of national security as the platforms are also patronized by kidnappers for the payments of ransom.
A similar platform, Binance has been banned and fined by the Federal Government in a bid to rein in speculation on the naira.
There is growing concerns regarding the move to also put Lamonade and others on the ban list.
Lamonade was founded in 2020 by a Nigerian Ridwan Olalere, Rian Cochran, and Dayo Koleowo.
The businessmen joined resources to float Lamonade and built a borderless money app for Afrcans in the diaspora.
