Raven customers face uncertain recovery as millions remain inaccessible

Detailed summary

Raven, a Nigerian digital financial services platform, is facing mounting pressure from customers unable to access their deposits following a ...

Raven, a Nigerian digital financial services platform, is facing mounting pressure from customers unable to access their deposits following a liquidity crisis that its chief executive has attributed to the withdrawal of a banking partner’s operating licence.

The controversy intensified after a customer identified on X as Legacy alleged that more than N17 million belonging to him had remained inaccessible since he attempted to liquidate a fixed deposit with the platform.

The customer said he invested with Raven after a public endorsement by Chinonso Egemba, popularly known as Aproko Doctor, a medical doctor and social media personality who previously served as the company’s brand ambassador.

According to Legacy, his withdrawal attempts initially returned the message, “Transfer failed, please try again later,” before the platform reportedly attributed the disruption to maintenance lasting several months.

He said the application eventually displayed a zero spendable balance despite showing his funds, while attempts to secure a meeting with Raven’s co-founder and chief executive, Uchenna Nnodim, were repeatedly unsuccessful.

Legacy appealed publicly for intervention, asking Raven to release at least part of his money while the company worked towards resolving the outstanding balance.

The complaint has exposed a wider problem facing customers who use digital financial platforms for savings and investments: the uncertainty surrounding access to their money when the institutions supporting those platforms experience financial or regulatory difficulties.

Egemba’s involvement has become part of the public debate, with some customers linking their decision to invest with Raven to his previous endorsement of the platform.

However, he said his brand ambassadorship ended in 2024 and that he had no current relationship with the company.

Opening of the article, excerpted from BusinessDay. To read the rest, open the article on the publisher's site.