Nigeria: Fintech Startup Unveils Repayment Plan for Customers Affected by Recent Platform Breach

Fintech Startup Unveils Repayment Plan for Customers Affected by Recent Platform Breach
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In response to the recent security breach on its platform, Patricia Technologies Limited, a fintech startup, has announced a comprehensive repayment plan spanning two to five years for customers who incurred financial losses during the cyberattack.

The company released an official statement on Wednesday, acknowledging the significant setback resulting from the breach by suspected criminal elements. Patricia Technologies experienced substantial losses of assets, affecting both the company and its customers.

To address the aftermath of the breach, Patricia Technologies outlined a phased repayment strategy that aims to facilitate the recovery of stolen funds, collaborating with law enforcement agencies. The repayment plan underscores the company’s commitment to ensuring that all affected customers receive their rightful payments within the stipulated timeframe.

“To manage expectations, Patricia Technologies estimates a repayment plan spanning two to five years. The commitment is to ensure that every customer receives their full and final rightful payments within this timeframe, underscoring the company’s determination to persist until all of its financial obligations are fulfilled.”

In addition to the repayment initiative, Patricia Technologies revealed its proactive approach to prevent future security breaches. The company is redesigning the Patricia Plus platform, incorporating an AI-enabled system scheduled to go live in Q2 2024. The updated platform aims to provide a more streamlined and secure user experience while reducing operational vulnerabilities.

The startup has reported the breach to the cybercrime unit of the Nigeria Police Force, leading to the arrest of some suspects. These individuals are scheduled to be arraigned in court by June 2024.

“Given the protracted process of apprehending the remaining suspects and recovering some of the stolen funds, we have considered it imperative to announce this tenured repayment schedule,” the company explained.

Patricia Technologies initiated the repayment process on November 20, 2023, as part of its commitment to fulfilling its promise to affected customers. The decision to extend the repayment tenure is strategic, allowing room for the outcome of recovery efforts by law enforcement and revenue generated from trading on the reinforced Patricia app.

“We are transitioning from crisis to creation mode, emphasizing value creation designed to enhance service delivery and expedite the return of customers’ lost funds,” the company stated.

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