Priya Patel
TLDR:
Brass, a Nigerian fintech company, has resolved transaction delays that have been plaguing the platform since late 2023. The CEO attributed the delays to limited businesses and challenging economic conditions. The company has assured users that the issues have been addressed and user funds have been returned.
Article Summary:
The article discusses the resolution of transaction delays at Nigerian fintech company, Brass. Users had been experiencing payment delays since late 2023, with co-founder of Twinkle, Iyinoluwa Ajayi, highlighting a month-long delay he faced. This reflected wider complaints from users about Brass’s payment processing. The CEO, Sola Akindolu, attributed the delays to a limited number of businesses on the platform and economic challenges. However, on Monday, Brass announced that the transaction delays had been resolved and user funds were returned.
Brass caters to small and medium-sized businesses with various financial tools such as credit and payment processing, payroll and expense management, API access, and more. The company serves over 5,000 customers and has raised at least $2 million in funding. Akindolu apologised to users for falling short of delivering a modern business banking experience and expressed a commitment to re-earning their trust.
Recent restructuring at Brass included discharging a few employees to adapt to the current economic climate. The article also mentions a successful test transaction conducted by Bendada.com as confirmation of the issues being resolved.
