African Fintechs Halt Virtual Dollar Cards After Union54 Chargeback Fraud Surge

18 July 2022
TechCrunch (San Francisco)
By Tage Kene-Okafor

Last Friday, Barter, the consumer app of Africa's most valued startup Flutterwave, told customers via email that they would not be able to access its virtual dollar card service from July 17. Hence, customers would be unable to create new virtual dollar cards, fund existing ones or make online and in-store payments and purchases with them.

Subsequently, other African fintechs such as Eversend, Klasha, Busha, GetEquity and Payday sent identical messages giving various timelines between July 17 and 18. They attributed the virtual dollar card service disruption to an update from a card partner--which happens to be Union54--without citing a definite recommencement time.

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