fetswallet, a mobile money (e‑wallet) service provider, has begun to rectify the transaction issues some of its customers have been experiencing since April.
Tosin Alade (pseudonym), a Lagos banker who had told FIJ that he could not access the N172,000 in his fetswallet account, said that the e-wallet offered a solution for stuck funds on Wednesday.
Many users of the e-wallet app feared that they might have become the latest victims of a scam. They took to X to tag different financial regulatory bodies to help investigate the issue.
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Since Alade had been in communication with fetswallet, they have been responding, but they only kept repeating the same message: “We are working tirelessly to resolve the issue.” Whenever he requested a timeline, fetswallet couldn’t say.
On Wednesday, however, Alade told FIJ that fetswallet contacted him to offer a solution that would allow him get his trapped money out.
The money service provider said the trapped funds couldn’t be transferred from its app to other banks, but fetswallet could reverse the funds to the banks the money was transferred from.
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“They reached out to say that they cannot transfer the money to our other banks account and we can’t access it. But they can reverse the funds in the account from the source account it came from in the first place,” Alade explained.
“They have successfully done the ones I sent myself to my other banks. They are in the process of reversing the funds sent to me by others to them. That’s the only way funds can leave the wallet.”
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