Raven has not told customers when they will regain access to restricted balances after a former banking partner lost its license, and the company has not disclosed the amount still affected.
In an October 2026 customer notice, Raven co-founder and CEO Uchenna Nnodim said some customer funds were held through the former partner. Raven said the license withdrawal strained its liquidity and disrupted withdrawal processing. Nnodim told customers that “your existing funds are safe,” while saying access would remain restricted during recovery.
Raven said it is seeking to recover the money through regulatory engagement, raising capital to cover its obligations, reducing expenses and expanding its banking relationships. The notice says previously accumulated balances will remain recorded as amounts Raven owes customers, while new deposits will appear separately under “Usable Balance.”
BusinessDay reported Nov. 15 that a customer it identified as Legacy said he could not access more than ₦17 million after trying to liquidate a fixed deposit. BusinessDay also reported that Nnodim said more than 650,000 customers had regained access to their funds and Raven was working out individual repayment arrangements for accounts with remaining balances.
Raven’s notice commits the company to updates every two weeks but gives no date for the next one. It also sets no final repayment date and provides no aggregate figure for customer funds still restricted.
