Flutterwave Shuts Down Virtual Dollar Card and Hires 200 New Staff

Barely two weeks after the shutdown of its virtual dollar account, Flutterwave has employed about 200 trainees from their graduate trainee program, which was open to applicants since the beginning of July.

This program aims to teach accepted graduates the technical and soft skills they will need to function as Flutterwave employees while also helping the company move to greater heights.

On July 17th, Nigerian fintech company Flutterwave announced they would shut down their virtual dollar card platform.

Flutterwave, like every other fintech company, was founded to provide financial solutions with seamless services.

The company was founded in 2016 by the Founders EA Agboyeje and Olugbenga Agboola. Over the years, it has grown into a well-recognized financial solutions company in Africa, providing diverse opportunities to merchants and also collaborating with big names in the financial world like Visa, PiggyVest, etc.

The virtual dollar card known as “barter” has saved millions of Nigerians the stress of opening a physical dollar account. It is faster and more accessible to buy and sell, not only restricted to Naira but also with the globally accepted USD (US Dollars).

Flutterwave announced this decision to its customers via email, saying, ” we are writing to inform you that effective July 17th, 2022, all our virtual dollar cards will be unavailable for any transactions and purchases. This is due to the update from our card partner, which will cause our card services to be unavailable for a period of time“. 

They also explained core services that will be unavailable and advised customers on security measures to take in securing their already existing virtual dollar accounts. 

It is expedient that customers follow their financial advice for them not to encounter any issues with their account during the barter closure.

Apart from Flutterwave, other African Fintech companies like Eversend, Busha, Payday, and Getequity, who are all clients of Union 54 (a Zambian tech company offering card issuing services), have also announced to their customers that they will be shutting down their virtual dollar platforms for the main time. 

They all stated the exact reason for the closure: “update from card partner.”

Undoubtedly, There seems to be an epic rollercoaster in the Flutterwave franchise. 

While other companies are downsizing due to the economy and shutdown of the virtual dollar platform, flutterwave seems not to be affected by it and is even adding employees by 38%. 

Does this seem to be a good move for the fintech company?

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Image Source – Flutterwave

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