We have been asked to suspend transfers to Naira bank accounts for the time being we meet a newly introduced regulatory requirement by the Central Bank of Nigeria (CBN)


Initially, we didn’t expect this to come sooner and at a short notice since we had been given a timeline to support cash pickup for Nigerian bank transfers. Our attempts to have a meaningful conversation with the Nigerian regulators became unfruitful today and we have to disable transfers to Nigeria bank accounts for the time being.


 

What this means for you:


  • You will no longer be able to send money to Naira accounts through Lemonade pending when we complete our cash pickup integration with our bank partners. 

  • Any transfers that you have sent with Lemonade Finance that have a success status have been deposited to the recipient's account. 

  • Any transfers that are currently pending will be canceled and refunded. 

  • USD cash pickup is not available yet but will be within the coming few weeks. 

  • Sending to domiciliary accounts is also not yet available, but we are working hard to provide it.


Right now, we understand that this is a major inconvenience since we didn’t provide you with enough time to adjust to this news. Especially customers with balances on Lemonade, we’re deeply sorry for the frustration caused today. What we promise is that as of today we will work our socks off to make sure we are back in business within a few days or weeks to continue to provide you with free and low-cost transfers back home to your friends and families. 



Refunds back to your Canadian account. 


This new restriction by the CBN and our banking partners means that we are unable to deliver the service which you have paid for. Therefore we will refund your balances to your account upon request. We only ask that you create a support ticket from the app by

  1. Click on the support icon.

  2. Select issues with card funding.

  3. Select the transaction that you want a refund for. 

  4. Type a message with your Interac email id. For example “Refund 200.00 CAD to example@interac.com

  5. We will get the ticket and process the refund to you via Interac within a day. 



Alternatively, we are working to provide you with an alternative that we are working on and should be completed within today or tomorrow if everything goes well. This means that we could be able to provide support for direct bank transfers to Nigerian accounts by tomorrow. We will notify you via email if we are successful. 


Thanks for your patience and for trying out Lemonade Finance. It's day one for us as always. 


Best wishes. 

Lemonade Finance Team.