In response to fraudulent activities, Wema Bank has removed and suspended approximately seven fintech partners from its payment gateway platform.
The bank has initiated an anti-fraud campaign aimed at safeguarding its customers and the general public from fraudulent practices carried out by specific wallet accounts and fintech partners.
A recent surge in fraudulent inflows into certain wallet accounts operated by a few fintech partners utilizing Wema Bank’s third-party wallet accounts prompted the bank’s actions.
As part of their efforts to combat this issue, Wema Bank has conducted investigations, leading to the identification and disengagement of three fintech firms for fraud, while suspending four others from its platform. This is all part of their ongoing commitment to fostering responsible partnerships, following regulatory protocols, and complying with the Know-Your-Customer guidelines set by the Central Bank of Nigeria.
The bank’s statement emphasized that there are continuous audits and evaluations of fintech partners’ processes to ensure optimal outcomes. The Anti-Fraud Campaign is dedicated to raising awareness, educating, and empowering customers with the knowledge necessary to detect and address fraudulent activities within their bank accounts, further illustrating the bank’s dedication to protecting customers’ financial assets and personal information.
Oluwole Esomojumi, Wema Bank’s Chief Audit Executive, explained that the anti-fraud campaign was implemented to shield customers from fraudulent schemes and equip them with the skills to identify fraudsters’ tactics.
Esomojumi stated, “Fraudsters are constantly adapting their methods. To counteract this, consumers must be familiar with the signs of fraudulent activities and how to respond to suspicious interactions. Hence, the introduction of the Wema Bank Anti-Fraud Campaign. We are proactive in our approach, which is why we thoroughly investigated our fintech partners, and those found guilty have been removed from our payment gateway platform.”
“As a bank committed to combating fraud, we prioritize the safety of Nigerians, especially when threats arise from fintech entities operating on our platforms. Wema Bank remains unwavering in its efforts to eradicate fraud. We have intensified our security measures and are dedicated to eliminating fraudulent practices. There is no place for fraudsters at Wema Bank because safeguarding customer interests and enhancing the success of every customer is our primary objective,” he concluded.