Monday, September 26

Crowdyvest explains to investors reason for delayed payment of returns

Following controversies on the backdrop of delayed payment of returns to investors of Crowdyvest, the agritech crowdfunding platform has assured investors that the platform is working tirelessly to ensure they get paid.

Temitope Omotolani, co-founder & CEO at Crowdyvest said this in a media chat with Nairametrics.

According to her, the delay in payment of returns to investors in December is as a result of delays in projects that were funded by the platform.

What they are saying

The CEO explained that in addition to the invested project getting delayed, the partners of the platform who are supposed to stand in are also experiencing delays in payment for their investment.

When asked about the exact time frame payment would be made, she said Crowdyvest has been in communication with members and would get back to investors after a month so as to give a clear cut direction as to the date of payment.

She said, “We already engaged with our members, we sent them a mail to those who are affected and we have asked for 30 days window to come back to them with a clear cut direction. We are hoping that within these 30 days we will have a proper direction.

“We have structured some plans out on how we would achieve this but we need to conclude on the direction they want to go so we can communicate effectively to our members without having to come back again and that’s why we requested for 30 days. We are working tirelessly to ensure investors get back their funds.”

Speaking on whether the delay has anything to do with not meeting up with SEC requirements, she said that it does not. She said, “we applied for SEC license, we have written the exam, we have submitted and they have done checks and everything so it’s not about not complying with SEC or not.”

Speaking on why chats and responses are being deleted on social media, Tolulope Olorundero, PR person for Crowdyvest who said that the company has been very proactive in terms of relating with investors lately said that the action was in reaction to the panic on the part of investors.

“For a business that has been making payment for two years, this was not a challenge necessarily envisaged so the first reaction was panic and that’s why that happened.

“But now, we have been engaging members and there has been no deletion. Communication lines are open and everybody is free to engage themselves. The people who have had challenges with the email we created have engaged us, we have explained and they are okay to be patient with them with the payment plan,” Olorundero said.

What you should know

Like Agropartnerships and other agritech crowdfunding businesses, investors of Crowdyvest have lamented not being paid for their matured investment since December last year though the company said this is owing to project delay and would be resolved in a matter time.