Wema Bank has taken decisive action by removing and suspending approximately seven fintech partners from its payment gateway platform due to their involvement in fraudulent activities.
In response to this issue, the bank has launched an anti-fraud campaign with the aim of safeguarding its customers and all Nigerians from deceptive practices carried out by certain wallet accounts and fintech partners.
A statement released by the bank on Wednesday disclosed a recent surge in fraudulent fund transfers into specific wallet accounts operated by some of its fintech partners through third-party wallet accounts.
As part of its efforts to address this situation, Wema Bank has conducted thorough investigations, identified and terminated collaboration with three fintech firms for fraudulent activities, and suspended four others from its platform. This step aligns with the bank’s commitment to responsible partnerships, adherence to regulatory protocols, and compliance with the Know-Your-Customer guidelines set by the Central Bank of Nigeria.
Regular audits and evaluations of fintech partners’ procedures are ongoing to achieve optimal outcomes as part of a comprehensive strategy to curb fraudulent practices.
Concurrently, the Anti-Fraud Campaign by Wema Bank aims to raise awareness, educate customers, and equip them with essential knowledge to recognize, mitigate, and address fraudulent activities on their bank accounts. This initiative underscores the bank’s dedication to protecting customers’ financial assets and personal information.
Oluwole Esomojumi, Wema Bank’s Chief Audit Executive, emphasized that the anti-fraud campaign is designed to shield customers from financial deceit and provide them with the tools to identify fraudulent schemes effectively.
Fraudsters’ methods are constantly evolving, necessitating consumers to be vigilant and familiar with indicators of potential fraud, as well as effective ways to counter deceptive practices.
Therefore, the Wema Bank Anti-Fraud Campaign has been launched to empower customers with the knowledge needed to combat fraud.
In our unwavering commitment against fraudulent activities, Wema Bank has zero tolerance for compromise, particularly when the threat stems from fintech partners utilizing our platforms. We are intensifying security measures and eradicating fraudsters to ensure the safety of all Nigerians.
We remain dedicated to ensuring customer safety and supporting the growth of our customers’ lives and businesses. At Wema Bank, customer protection is paramount, and we are resolved to combat fraud to secure a thriving future for all our customers,” he concluded.