Bitmama temporarily suspends deposits on its platform

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December 15, 2023
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2 min read
L-R Ruth Iselema, CEO, Bitmama; Akin Asalu, COO, Bitmama

[Update] In a statement to Techpoint Africa, Bitmama said the suspension of deposits will only affect "fewer than 20 of our 200,000+ customers."

The news:

  • Bitmama has suspended deposits on its platform to protect users from losses.
  • Users have complained about deposits not reflecting on the crypto exchange since November 25.
  • The exchange blames the issue on third-party infrastructure providers.

Bitmama, which just acquired virtual card startup, Payday said the deposit delay users are experiencing is caused by third-party infrastructure providers. 

It told Technext “This is beyond our control. However, we process them promptly upon receipt. Please note that Bitmama has temporarily suspended new deposits to resolve deposit challenges owing to ongoing provider maintenance. And this has been communicated to customers.” 

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The publication also revealed that some customers who attempted to deposit money on the platform did see a reflection even though they were debited. When they complained to the customer support team, they were told that the issue was a technical difficulty. 

Techpoint Africa reached out to Bitmama and it confirmed suspending deposits as a way of protecting its customers. It said deposits were paused "to address a technical issue resulting from ongoing maintenance by one of our financial service providers."

While the company admitted that the deposit issues experienced by customers were technical, customers were not pleased that it kept accepting deposits for weeks without suspending deposits.

Several customers have made complaints about the exchange on social media. The complaints range from not getting access to money to deposits not reflecting. 

One user said the issue has been going on for weeks and customer support said it will take up to a month to resolve. 

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Bitmama said it has “allocated additional technical resources to expedite the resolution process. We are focused on addressing any challenges related to delayed deposits and are committed to providing regular updates.”

One customer has also pointed out that other functions on the platform, such as the create account are not working. 

Amid these issues, the company’s Marketing Lead, Thelma Okonwa, told Technext that no funds are trapped within the exchange and that the delays customers are experiencing are a result of third-party infrastructure providers. 

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
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He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.

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