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Nigerian Crypto Exchange Bitmama Halts Virtual Mastercard Services

03.12.2024

Nigerian crypto exchange platform, Bitmama, has temporarily halted its virtual Mastercard services due to unforeseen issues with its provider. This move follows a trend of fintechs in Africa facing challenges with card services, including fluctuating exchange rates, chargeback fraud, and insufficient funds. While some fintechs blame provider issues, others cite high costs and limited revenue opportunities. Despite these setbacks, some fintechs like Bitmama and Chipper Cash continue to offer alternative card services.

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03.12.2024
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