Alleged N2.9bn Flutterwave Hack: Banks Freeze Customers' Accounts, Company Insists Users' Funds Are Safe

Alleged N2.9bn Flutterwave Hack: Banks Freeze Customers' Accounts, Company Insists Users' Funds Are Safe

  • Several bank accounts have reportedly been frozen over the alleged stealing of N2.9 from Flutterwave by hackers
  • Flutterwave customers say their account officers notified them of petitions from the company
  • Meanwhile, the payment company maintained, in a statement that the hack never happened and users' funds are safe

There have been general complaints by bank customers that their accounts have been frozen over the alleged N2.9 billion hack of African fintech unicorn, Flutterwave.

The development comes amid Flutterwave's denial that its platform was hacked.

Flutterwave, banks, hack
Flutterwave CEO, Olugbenga Agboola. Credit: Fluttewave
Source: UGC

Customers complain their bank accounts are frozen

Reports monitored on social media on Monday, March 6, 2023, show that a lien has been placed on several bank accounts by several commercial banks in Nigeria.

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According to reports, the alleged stolen funds were transferred to about 27 banks and traced to up 50 recipients.

Customers of several banks in Nigeria confirmed that their accounts are frozen with PND placed on them in connection with the hack.

They expressed surprise that the company is denying the hack while their accounts have been put on the lien in connection to the fraud.

A report said one Gbadamosi Muyideen had three of his bank accounts frozen, saying his account officers from the three banks told him the freeze happened because of Flutterwave.

He said the banks also froze the bank accounts of his customers to whom he had transferred money after a purported legitimate business.

Gbadamosi said:

"How come they are denying the hack? I provided the service for the fund I received from my customers through Flutterwave. And the worst part is that all the people I paid through the 3 accounts have been on my neck because they can't go about their daily business due to this.

A Twitter user, @ufedoDavid said his bank contacted him to say his account has been frozen based on a petition from Flutterwave's lawyer.

See his posts below;

“Your money is safe”: Flutterwave denies claims hackers stole N2.9bn from its platform reported earlier that Flutterwave, a Nigerian fintech company, has denied allegations that hackers stole N2.9bn from its platform and distributed the funds to 27 different bank accounts.

On Sunday, March 5, 2023, The Punch and several other news outlets reported that the leading fintech company was a victim of cyberattacks.

However, in a statement obtained by, Flutterwave stated that the allegations are baseless and that the company's security measures are robust enough to prevent such attacks.


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