Wema Bank Suspends Seven Fintech Partners From Its Payment Gateway Over Fraudulent Activities

Nigeria’s commercial Bank, Wema Bank has reportedly suspended seven (7) Fintech partners from its payment gateway platform, citing a case of fraud.

The bank said the move was done following the rising cases of fraud involving some wallet accounts linked to the fintech firms.

In a statement, Wema Bank disclosed that illicit wallet accounts owned by some of its fintech partners using third-party wallet accounts had spiked.

To tackle this problem, the bank launched an anti-fraud campaign to provide its customers with vital information on the tactics used by fraudsters and how they can avoid falling victim to their schemes.

The anti-fraud campaign is targeted at creating awareness, educating, and equipping customers with the necessary information needed to mitigate, detect, and handle fraudulent activities on their bank accounts, which underscores the bank’s commitment to safeguarding customers’ finances and personal data.

Speaking on this Wema Bank’s Chief Audit Executive, Oluwole Esomojumi said,

“The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have a good understanding of what interaction or engagement are telltale signs of fraud and how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank anti-fraud campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from fintechs who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because customer safety is our priority and empowering the lives and businesses of every customer is our mission.”

Furthermore, Wema Bank acknowledged that the tricks used by fraudsters are constantly evolving, hence it is committed to staying ahead by providing customers with up-to-date information on their activities. Also, the bank has intensified the frequency of its security checks and is fully committed to eradicating fraudulent actors from its system.