A message from Moove on recent SVB events
In light of recent events within the global tech startup community over the last few days, with the shutdown of Silicon Valley Bank and Signature Bank within days of each other, our thoughts are with the wider community and those impacted.
Moove does not have accounts with Silicon Valley Bank or Signature Bank in any market.
Although we do not have direct exposure to SVB, we are conducting a review of our vendors and suppliers, and expect the impact here to be immaterial to our business.
For reference, our global banking relationships are with Absa, Citibank, and Standard Bank, in addition to the relationships we have with banking and payment partners in local markets.
Furthermore, it was incorrectly reported that one of our payment partners, Flutterwave, which provides payment integrations for customer remittances in our markets in Nigeria and South Africa, allegedly experienced a data breach last week. There has been no hack, and neither Moove nor its customers, have been impacted. We continue to work with Flutterwave to ensure the highest customer protection and security.
Despite having not been impacted by these recent developments, as a global business, we are diversified across different banking and payment partners and will continue to do so across our markets.
With the US Federal Reserve announcing late yesterday that all depositors of both SVB and Signature Bank will be made whole and the news of HSBC’s bid for SVB UK, we are reminded that economic cycles inherently bring with them, highs and lows, challenges and opportunities. At Moove, we continue to build with this in mind, eagerly working towards contributing positively to our communities whatever may come our way.
Ladi Delano & Jide Odunsi.