Crypto exchange, Bitmama resumes fiat deposit after last week’s suspension

Bitmama has announced that it has resumed the fiat deposit regime for users on its crypto exchange platform, Bitmama.io. According to a statement seen by Technext, customers can now buy crypto using funds from their regular accounts from yesterday.

Recall that last week we reported how the Nigerian crypto exchange suspended its deposit feature on its app. In a statement sent to Technext then, the company’s spokesperson disclosed that the temporary suspension was meant to safeguard users’ assets and funds following a third-party infrastructure maintenance schedule which impacted deposits.

The company said that the proactive step was taken to strengthen the security of the platform, protect user funds, and prevent any potential misuse by malicious individuals looking to exploit vulnerabilities in the system.

Read here: Bitmama suspends deposits as customers complain of deposits not reflecting in their wallets 

According to the update shared with Technext disclosed that the suspended NGN Fiat deposit has now been lifted and users can now use the feature.

The company also disclosed that the suspension regime it implemented helped facilitate the implementation of vital security patches to strengthen the security of the platform. This will enable it to protect users’ funds and prevent any potential misuse by malicious individuals looking to exploit vulnerabilities in the system. 

“Overall, Bitmama prioritized suspending fiat deposits as part of its efforts to strengthen its security measures against potential threats that could undermine the platform’s integrity”, the statement explained.

In addition, the company also said that it has placed liens on accounts that display suspicious activities.

A backstory

Some weeks back, customers of the Nigerian crypto exchange, Bitmama complained on social media about their inability to deposit funds into their wallets. 

Customers who spoke to Technext said that they were debited from their source accounts but the funds did not reflect in their Bitmama wallets. Subsequently, when they complained to the Bitmama customer support team, they were told that the company was experiencing a deposit challenge owing to technical issues from third-party vendors and assured them of prompt resolution.

Consequently, the crypto company suspended the deposit feature. According to its spokesperson, the decision was made to undergo routine maintenance and protect users from hardship and loss.

Beginning yesterday, we learnt that users can now deposit fiat currency into their wallets seamlessly and effortlessly following the successful maintenance procedure. This paves the way for easier access to Bitmama’s diverse financial solutions going forward.

According to the company, the suspension did not impact its transaction volume. Instead, it witnessed a growth:

“The pausation of fiat-only deposits did not slow down transactions on the platform. Rather, Bitmama.io witnessed a surge in on-chain deposits by users across Nigeria, Ghana and Kenya with users actively leveraging its diverse features for cross-border settlements and international trades. Notably, the adoption of stablecoins for various functionalities, including Bitmama`s revolutionary virtual crypto cards, played a crucial role in this trend.”

This growth, the statement claims, is owing to the efficiency that stemmed from prioritising and promoting on-chain transactions. “Bitmama ensured uninterrupted access to essential features for its users, ultimately bolstering the platform’s resilience and functionality”, it explained.

Exciting updates for all stakeholders

This is good news for a lot of Nigerians, especially at a time when the government of Nigeria is officially adopting a positive frame towards crypto transactions.

Brian Dennis, Head of Bitmama while passing a remark on the suspension removal says the company is thrilled to announce the return of fiat deposit functionality after a successful collaboration with its service provider.

Read also: Exclusive: Bitmama acquires Payday, backend transition already ongoing

He also added that Bitmama has ramped up efforts and allocated additional resources to implement robust security measures that will fortify defences and enable the company to stay ahead of any potential threats. 

“To strengthen our system, we have ramped up efforts and allocated additional resources to implement robust security measures that will fortify our defences and enable us to stay ahead of any potential threats.”

– Brian Dennis, Head of Bitmama