Raenest CEO says $9,700 account restriction was due to compliance review, admits support delays

Raenest, the Nigerian fintech platform that enables freelancers and businesses to receive international payments, is facing public backlash after several users complained about deactivated accounts, inaccessible funds, and slow customer support.

In response to a viral case, the company’s CEO, Victor Alade, told Technext that the issue was the result of a routine compliance review and has since been resolved.

The case that drew the most attention began on X, where a user named David said his brother, who goes by the handle @FeranmiF95240, had about $9,700 in his Raenest account. The brother checked his balance on the morning of June 24, and everything was intact. By around midnight on June 25, his account had been deactivated, and the funds were no longer accessible.

According to David’s post, his brother submitted every document Raenest’s team requested, then followed up through emails, X replies, and direct messages, but received only automated responses for days. “No real person has spoken to him or explained what happened to his account or his funds,” David wrote, adding that he had previously recommended Raenest to others because he trusted the platform.

The post gained significant traction, and Raenest responded. In a follow-up post, David confirmed that his brother’s funds had been returned.

“I’m happy to share that after my previous post, my brother’s funds have been returned. Thank you, Raenest, for taking action,” he wrote, while noting that $140 of the balance was still outstanding at the time.

David was not the only user to come forward. Another X user, who said he had ₦5.6 million stuck in his account, claimed Raenest sent an email saying his account had been unsuspended for 24 hours to allow withdrawal, but the account remained locked. A separate user, Olisa Chima, said his account was suspended without explanation and that his funds remained inaccessible.

Raenest CEO responds

Reached for comment, Raenest CEO Victor Alade confirmed the company was aware of the cases and said they had been resolved. He attributed the account restrictions to compliance checks rather than any error or wrongdoing on the affected users’ part.

“Yes, we’re aware of the issue, and it has now been resolved. The user’s account was undergoing a compliance review. There are several compliance-related reasons why an account may be temporarily restricted while these checks are being completed. Keeping our customers secure while staying compliant is important to us,” Alade said.

He also acknowledged that the company’s customer support has been slower than usual in recent weeks. “At the moment, we are experiencing an increase in our support response times. The team is working hard to ensure faster response times, and we’d like to apologise to our users for the delay in our support team’s response and resolution,” he said.

Raenest, founded in 2022 by Alade, Sodruldeen Mustapha, and Richard Oyome, has processed over $1 billion in payments and serves more than 700,000 individual users and 300 businesses across Africa. The company raised an $11 million Series A round in February 2025, led by QED Investors, bringing its total funding to $14.3 million.

Compliance reviews are a routine part of how regulated fintech platforms operate, particularly those handling cross-border payments, and accounts can be flagged for a range of reasons tied to anti-money laundering and know-your-customer requirements. However, the cases raised by users point to a gap between how quickly accounts can be restricted and how quickly affected users are informed of what is happening and why.

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