Jos-based financial firm Cashflowwabi Network Ltd has suspended operations saying it needs time to clear regulatory issues.
Speaking at a meeting with clients and investors in Jos, Plateau State last week, the chairman/Chief Executive Officer (CEO) of Cashflowwabi Network Ltd, Engr. Philemon Gora said the company needs to look into its "corporate strategy in service delivery and the level of our compliance with policies and regulations of government".
Gora explained, "In this regard, we have decided to suspend new investments and re-investments with Cashflowwabi Network Ltd to enable us to build our operations to conform with government policies and regulations. This decision takes effect from 1st August 2012.
"Because I am yet to meet up some of the financial regulation demands like the Securities and Exchange Commission certificate--I am yet to obtain it though I have applied for it.
"Though they promised me very soon, very soon can be years...I will be glad if I am given this thing in the next one or two months so I proceed with my vision and mission. I don't want embarrassment."
The CEO was hopeful that the suspension of investments and re-investments would enable him to reorganize his business structures and systems to comply fully with governmental policies and regulations lamenting that incidents of "wonder banks" across the country have greatly affected the microfinance sub-sector.
Gora stated, "Because of the cases of under banks that come and collect people's funds and run away, it raised the ego of security agencies to attack companies which affects me. They ask numerous questions. I said let me go and tidy up myself and come out in a clean way.
"We would like to state categorically that our great company Cashflowwabi Network Ltd is not in any way distressed or under any financial constraints.
"We want to assure you that your investments and funds are secure and safe with us. We are willing, able and capable of meeting all our commitments and obligations to you."
The company's suspension of operations is a short term measure as it hopes to resume operations in no distant future.
Gora thanked customers for their confidence and support to the company expressing hope that the mutual and profitable relationship will be sustained.
About 20,000 customers have been captured in the company's data base in the last two years.
Cashflow founded in 2004 started as a bureau d'change.