Nigerian Social Payments Application Bundle Ceases Cryptocurrency Operations

• The company stated in a release that the choice was made by its shareholders.
• All Bundle users are advised to withdraw their funds by September 12, 2023.

Bundle, a widely used social payments application in Nigeria, has declared that it will cease its cryptocurrency exchange services. Following the shareholders’ decision to restructure the company to focus on Cashlink, Bundle announced on its blog on July 20 that it will stop its exchange operations.

The company indicated in a statement that this decision was taken by its shareholders due to the growing significance of offering payment solutions that align with the Web3 and blockchain ecosystem.

Users Advised to Withdraw Funds

It confirmed that customers without Nigerian naira or other currencies in Bundle will not be able to create an account, deposit assets into their Bundle wallet, exchange assets within their Bundle wallet (except for USDT), or withdraw using Cashlink.

All Bundle users are advised to withdraw their funds from the application by September 12, 2023, according to the accompanying notice. To facilitate effective fund withdrawals, the company provided specific instructions for its users in Nigeria, Ghana, Kenya, and other francophone countries.

Users in these regions may transfer their Bundle funds to their preferred cryptocurrency exchange. Nigerians can utilize Cashlink and P2P express as methods to obtain naira or transfer funds to their bank accounts. If their account balance is below $10, they can cash out using the link provided to them.

In October 2021, Nigeria launched eNaira, the first Central Bank Digital Currency (CBDC) in Africa and the second globally. Since then, numerous other countries have revealed intentions to introduce their own CBDCs.

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