Nigerian Social Payments App Bundle Shuts Down Crypto Services

• The firm said in a statement that the decision was made by its shareholders.
• All Bundle customers are urged to remove their funds no later than September 12, 2023.

Bundle, a social payments app popular in Nigeria, has announced it would be discontinuing its cryptocurrency exchange service. As part of the shareholders’ decision to reorganize the firm to concentrate on Cashlink, Bundle announced on its blog on July 20 that it will halt operations of its exchange services.

The firm said in a statement that the decision was made by its shareholders because of the increasing importance of providing payment solutions suitable for the Web3 and blockchain ecosystem.

Users Urged to Withdraw Funds

It confirmed that customers without Nigerian naira or other currencies on Bundle will be unable to register for an account, put assets into their Bundle wallet, exchange assets in their Bundle wallet (except for USDT), or withdraw using Cashlink.

All Bundle customers are urged to remove their funds from the app no later than September 12, 2023, as per the accompanying message. In order to withdraw funds effectively, however, the corporation outlined specific procedures for its consumers in Nigeria, Ghana, Kenya, and other francophone nations.

Users in these countries may transfer their Bundle cash to their choice of cryptocurrency exchange. Cashlink and P2P express are two methods that Nigerians may utilize to get their hands on naira or transfer money to their bank accounts. If their account balance is less than $10, they may cash out using the link given to them.

In October 2021, Nigeria introduced eNaira, the first Central Bank Digital Currency (CBDC) in Africa and the second in the world. Since then, several other nations have announced plans to introduce their own CBDCs.

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