N26 Decision to Leave UK Due to Brexit Sparks Outrage from Customers

On Feb 17, 2020 at 1:21 pm UTC by Osaemezu Ogwu · 2 min read
N26 Decision to Leave UK Due to Brexit Sparks Outrage from Customers
Photo: N26 / Instagram

German-based mobile banking giant N26 last week left its customers really angry and dejected after it announced that it would be leaving the United Kingdom due to Brexit.

As part of its decision to leave the European Union, foreign firms in the United Kingdom have lost their operating license and thus are forced to leave. Among them is German-based online bank N26 whose decision to leave the country due to Brexit left a bitter pill in the mouth of its teeming customers who now feel betrayed and abandoned by the financial institution.

The fintech firm further revealed that it would be closing all of its U.K accounts on April 15, just two years after storming the United Kingdom’s market. It’s important to understand that during that time the bank was able to gain a sizeable amount of loyal customers who keyed into its vision and mission.

N26 Customers: Betrayed and Abandoned

Despite the detailed explanation of the financial firm explaining the reason for its exit from the U.K, some customers are not ready to put up with it. Miguel Frais Mosquea, an N26 customer based in London, expressed his displeasure and stated categorically that the firm was only looking for an excuse to run:

“Surely they needed an excuse for investors and blame it on Brexit, not on management or lack of knowledge on how to tackle the U.K market.”

Another visibly angry customer Ian Cook said he felt betrayed by the firm, as he was just getting to trust them:

“They are still my only bankers, so I haven’t used any other banks. I prefer N26 over other banks because of the ‘extras’ that come with the accounts. I felt betrayed because they never gave any indication of leaving the U.K, I guess us leaving the E.U really made trading pretty difficult for them.”

N26 Explains: Its Departure Due to Brexit Is Not Its Intention

In its response, the firm apologized to all its esteemed customers, stating that it was never their intention to leave them in the cold and they are truly sorry.

The firm stated in a widely publicized press release that Brexit forced its hand

“As soon as it was clear that we would be leaving the UK, we communicated this to our customers in other to be as open and transparent as possible. We are sorry to be leaving and we understand this will be disappointing for our customers, and our priority now is to ensure a smooth transition for them,” explained the company.

Business, FinTech, News
Osaemezu Ogwu
Author: Osaemezu Ogwu

Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.

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