A little context into why our payments failed throughout the weekend

We value transparency and communication and inculcate them into our business practice. As such, we felt it necessary to explain and clear the air on what is going on today in Nigeria and how it affects our industry, and Brass, in turn.

What happened last week Friday?

Last week, CBN sent a circular to all financial institutions and non-financial institutions alike, such as crypto exchanges, to stop processing all forms of crypto-to-bank transactions and vice versa.

Consequently, all exchanges and similar operators have had to halt all naira deposits and withdrawals. As part of this effort, infrastructure provider Monnify got shut down by their provider as this is one of the major ways that money gets transferred into crypto exchanges.

How does this affect Brass?

Our financial services are built for businesses and are independent of Providus or Monnify. In fact, we are mostly unaffected by this CBN directive as our accounts are not hosted by either service.

However, Brass is heavy on the financial infrastructure side of things which means that our payment processes are handled and integrated by an external provider. An example of these external payment providers is Flutterwave, Paystack, etc.

Our payment provider also processes funds for a number of crypto exchanges and due to the sudden directive of the CBN, there was a mass withdrawal of funds, which caused them to hit their limit. Very quickly. As a result, all outgoing payments and transfers from Brass couldn’t be processed because our provider couldn’t process funds either.

Our plan to mitigate this risk in the future:

To avoid future issues like these, we have immediately set up processes in place to automatically switch to a backup payment provider when required.

What does this mean for your Brass account?

Your accounts and account numbers are not affected and your account number still works as normal.

Committed to your business’ growth

Our goal is still the same: To spur growth for small-to-medium scale businesses and startups like yours through the provision of useful financial tools and products.

Once again, we apologize sincerely for the issues you have encountered in the last few days and assure you that they are now resolved. We look forward to providing you with more quality and exceptional banking services.