Why we sometimes have to restrict accounts

Pockit
May 14, 2021

To ensure our customers are well protected, Pockit is obligated by law to carry out reviews and where required to freeze accounts. We take this responsibility extremely seriously and work with relevant authorities to resolve any queries or concerns.

We wanted to share some more information and be as transparent as we can about how we approach this process.

It’s worth noting that each case is unique and we are unable by law to discuss the details of specific accounts, therefore we are unable to provide the context on why particular accounts have been frozen or closed.

Why sometimes we need to freeze accounts?

Freezing accounts helps protect you from crime. We only freeze accounts as a last resort, when it is required by laws and rules we need to follow. As a regulated company, we have a legal responsibility to follow instructions set by our regulators.

Each case is unique and while sometimes we are not allowed to discuss some information about processes we must follow, we keep our customers updated, especially so when we have to close accounts.

What should Pockit customers do if their account is frozen?

In most cases, where accounts are frozen, impacted customers can share requested documentation with our customer service team to have their accounts reopened.

Customers are able to ​​upload documents and track the review progress through their Pockit app. However, on some occasions, we’ll need to ask customers more questions related to their accounts.

We know that any delays can be distressing and disruptive for our customers. Our central mission is to drive financial inclusion by supporting unbanked consumers to cross the digital divide — but we must always ensure that we fulfill our legal responsibilities.

Unfortunately, we are unable to share any context relating to individual account issues. While we understand this is frustrating, it is part of our overall legal and regulatory obligations.

How to contact Pockit to resolve account restrictions

We recommend that those customers who have had their account frozen and are unsure why, to contact us and a member of our team will get back to you as soon as possible on the next steps.

We understand how frustrating this experience can be and our team is working hard to ensure these issues are resolved as quickly as possible.