Raven customers face uncertain recovery as millions remain inaccessible

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Read History Go to My Account Log Out Enhanced by Google Technology Raven customers face uncertain recovery as millions remain inaccessible Raven, a Nigerian digital financial services platform, is facing mounting pressure from customers unable to access their deposits following a

Listen to this article Share Raven, a Nigerian digital financial services platform, is facing mounting pressure from customers unable to access their deposits following a liquidity crisis that its chief executive has attributed to the withdrawal of a banking partner’s operating licence.

The controversy intensified after a customer identified on X as Legacy alleged that more than N17 million belonging to him had remained inaccessible since he attempted to liquidate a fixed deposit with the platform.

The customer said he invested with Raven after a public endorsement by Chinonso Egemba, popularly known as Aproko Doctor, a medical doctor and social media personality who previously served as the company’s brand ambassador.

According to Legacy, his withdrawal attempts initially returned the message, “Transfer failed, please try again later,” before the platform reportedly attributed the disruption to maintenance lasting several months.

He said the application eventually displayed a zero spendable balance despite showing his funds, while attempts to secure a meeting with Raven’s co-founder and chief executive, Uchenna Nnodim, were repeatedly unsuccessful.

Legacy appealed publicly for intervention, asking Raven to release at least part of his money while the company worked towards resolving the outstanding balance.

The complaint has exposed a wider problem facing customers who use digital financial platforms for savings and investments: the uncertainty surrounding access to their money when the institutions supporting those platforms experience financial or regulatory difficulties.

Aproko Doctor distances himself from Raven

Egemba’s involvement has become part of the public debate, with some customers linking their decision to invest with Raven to his previous endorsement of the platform.

However, he said his brand ambassadorship ended in 2024 and that he had no current relationship with the company.

In a statement, Egemba explained that his recommendations reflected his genuine experience with Raven during the period he used the application.

He stressed that he was neither an owner, shareholder, employee nor representative of the company and had no access to customer accounts or authority over withdrawals.

He also urged Raven to respond to affected customers and provide clear timelines for releasing their funds.

Egemba advised customers with unresolved complaints to submit written complaints to Raven, retain reference numbers and supporting evidence, and escalate unresolved cases to the Central Bank of Nigeria’s Consumer Protection Department through [cpd@cbn.gov.ng](mailto:cpd@cbn.gov.ng).

CEO blames liquidity crisis on banking partner

In an October 2026 notice to customers, Nnodim acknowledged that Raven had experienced significant financial and operational disruptions following the withdrawal of the operating licence of one of its financial institution partners.

He said a portion of customer funds was managed through the institution, leaving the money inaccessible and severely affecting Raven’s liquidity and ability to process withdrawals.

Raven said it was pursuing two recovery measures: engaging regulatory authorities to recover funds held with the former banking partner and securing fresh capital to progressively settle outstanding customer obligations.

The company also said it was restructuring its operations and integrating stronger banking partners to reduce the risk of a similar disruption.

To manage the situation, Raven introduced separate total and usable balances on its platform. Existing funds would remain visible as obligations owed by the company but temporarily restricted, while new deposits would be reflected separately as usable balances.

The company promised formal updates every two weeks and said customers would be able to resume core services, including transfers, bill payments and virtual cards, using new funds deposited into their usable balances.

CBN revoked 46 microfinance bank licences

The regulatory background to Raven’s explanation emerged on July 1, 2026, when the CBN announced the revocation of operating licences of 46 microfinance banks under Sections 12 and 13 of the Banks and Other Financial Institutions Act 2020.

The regulator said the affected institutions failed to meet requirements for continued operation, citing reasons including insufficient assets to meet liabilities, inactivity, unauthorised closure and failure to maintain minimum capital.

The CBN’s published list included Bestar Microfinance Bank, classified as insolvent and located in Oyo State. The NDIC subsequently included Best Star Microfinance Bank Limited among the affected institutions undergoing depositor verification.

However, the CBN did not specifically name Raven in its announcement, while Raven’s October notice referred only to an unnamed former banking partner. The company’s public notice did not identify that institution. The connection between Best Star MFB and Raven’s former partner therefore requires direct confirmation from Raven or the regulators.

The NDIC said it had commenced verification of depositors of the affected failed microfinance banks. Customers with BVN-linked accounts were to receive payments through alternative accounts in existing banks, while others could submit ownership documents or file claims through the corporation’s online pre-verification process.

Other customers report prolonged withdrawal difficulties

Legacy’s complaint is not the only one drawing attention. Another customer, Whitfield Uchechukwu, said he had been unable to transfer money out of Raven for more than a year, with over N100,000 reportedly remaining on the platform.

Uchechukwu said he eventually recovered the money by using it to pay for mobile data and airtime after setting up automatic monthly data renewals for SIM cards installed in his vehicle’s tracking devices.

His experience, he suggested, had discouraged him from keeping money with Raven again.

He also questioned why customers would move funds away from established digital financial platforms such as OPay, Moniepoint, PalmPay and Kuda to use a service where withdrawals had become difficult.

Other social media users have advised Nigerians to consider conventional banks or government securities such as Treasury Bills, arguing that lower returns may be preferable to uncertainty over access to deposits.

650,000 customers reportedly regain access

Responding specifically to Legacy’s complaint, Nnodim disputed the account of the postponed meetings.

He said the customer failed to join the first scheduled meeting within the company’s 10-minute waiting period, while an emergency prevented him from attending the second. He apologised for the inconvenience.

More importantly, the CEO said Raven had chosen to use its own resources to restore customer funds rather than wait entirely for the former banking partner to release the money.

He claimed the company had reinstated access to funds for more than 650,000 customers and was negotiating individual repayment arrangements with those whose balances remained outstanding.

On Legacy’s account, Nnodim confirmed that part of the money had been returned but acknowledged that the outstanding balance remained Raven’s obligation.

He did not disclose the total value of customer funds still inaccessible, the number of affected customers awaiting repayment or a definitive timeline for completing the process.

For Raven, the immediate challenge is no longer simply explaining how the liquidity crisis happened. It is demonstrating that its recovery plan can deliver full repayment.

Until customers regain access to their money, the company’s assurances, alongside the trust previously built through endorsements and digital banking convenience, will remain under scrutiny.

Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.