As a company, we understand that our business thrives on the trust our customers have placed in us over the years. This is why, in addition to sending out emails to affected customers, we are writing this to address the following issues making rounds on social media:
– Claims of restricted access to Payday accounts and funds by specific customers; and
– Mastercard balance and withdrawal restrictions following technical issues with our provider.
We sincerely apologise for the poor experience you have faced this past few weeks on the Payday app. Unfortunately, we have been tackling technical issues with our service providers which have affected the quality of our services. Nonetheless, we are committed to resolving any existing issues with the Payday platform and restoring your trust. We assure you that your funds are safe and we’re working tirelessly to ensure that the affected services are fully restored.
Restrictions to Payday Accounts/User Funds
Like any fintech, we have set up measures to constantly monitor and lock-out customers who we suspect are involved in fraudulent or prohibited activities.
Based on the above, and as required by regulation, there are a number of reasons why we might need to place restrictions on a customer’s account:
1. If we notice that the security of your account has been compromised.
2. If we notice unusual activity that may be linked to fraud.
3. If your activities violate directives of key regulatory bodies or our internal policies.
Restricting an account is not a decision that we take lightly, and we handle it with utmost attention and consideration. This is because we understand how inconvenient it is for legitimate customers to be unable to access their funds.
When we restrict an account, we immediately begin investigations internally. We also engage affected customers via email, while working with the compliance team to get to the bottom of the issue. In some cases, account restrictions might affect innocent people, but after due diligence such accounts are unlocked and the customers may continue to transact freely.
It is important to note, however, that during this phase, all unaffected accounts have continued to carry out transactions smoothly with our virtual VISA/Verve cards as well as services such as bills payments, currency exchange and so on.
Issues with the Payday Mastercard
As a follow-up to our previous communication with respect to providing a better experience with the Mastercard service, we discontinued engagements with our previous providers and provided an alternative card pending the conclusion of ongoing reconciliation efforts.
To this end, we are defunding the existing cards and crediting the outstanding card balances to the affected customer wallets. The entire process should be completed within three weeks from the release of this statement.
Again, we assure you that your funds are safe and we will continue to provide updates as we progress.
Thank you for your patience and we look forward to continuously serving your needs.