Nigeria: Wema Bank Strengthens Security Measures, Suspends Several Fintech Partners

Wema Bank has announced the suspension and removal of approximately seven fintech partners from its payment gateway platform due to fraudulent activities. This action coincides with the launch of the bank’s comprehensive anti-fraud campaign aimed at protecting its customers and the wider public from fraudulent schemes executed through wallet accounts and fintech collaborations.

In a recent statement, the bank disclosed a noticeable surge in fraudulent transactions funneling into wallet accounts managed by some fintech partners. This prompted an immediate response through its robust anti-fraud campaign, which has led to the termination of three fintech firms found complicit in fraud and the suspension of four others pending further investigation.

The bank is currently conducting extensive audits and reviews of its fintech partners’ operations. This initiative is part of Wema Bank’s commitment to ensuring strict adherence to regulatory standards and the Central Bank of Nigeria’s Know-Your-Customer (KYC) guidelines.

The anti-fraud campaign by Wema Bank aims to heighten awareness, educate customers, and equip them with vital information to identify, prevent, and address fraudulent activities on their accounts.

Oluwole Esomojumi, Wema Bank’s Chief Audit Executive, emphasized the importance of customer education in combating fraud. He noted, “The tactics employed by fraudsters are continually evolving. Therefore, it is crucial that our customers understand the warning signs of fraud and know how to deal with suspicious activities effectively.”

Esomojumi added, “This is why we launched the Wema Bank Anti-Fraud Campaign. We have conducted thorough investigations into our fintech partners, and those found guilty of misconduct have been removed from our platform.”

Wema Bank is determined to maintain a secure banking environment. “We have intensified the frequency of our security checks and are fully committed to eradicating fraudulent actors from our system. With Wema Bank, customer safety is paramount, and empowering the lives and businesses of our clients remains our core mission,” he concluded.