According to Odaily, Nigerian cryptocurrency exchange Bitmama has temporarily suspended its virtual Mastercard services due to unforeseen issues with its provider. This development highlights the broader challenges faced by African fintech companies in maintaining card services, including exchange rate fluctuations, chargeback fraud, and insufficient funds.
Several fintech firms have attributed these difficulties to problems with their providers, while others cite high costs and limited revenue opportunities as significant hurdles. Despite these challenges, some companies, such as Bitmama and Chipper Cash, continue to offer alternative card services, striving to navigate the complex financial landscape in the region.