December 25, 2024

FINTECH MAGAZINE AFRICA

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Patricia Technologies Resumes Payments to Customers Following 2022 Cybersecurity Breach

Patricia Technologies, a payment solutions company that facilitates the easy use of cryptocurrencies for everyday transactions, has resumed repayments to customers impacted by a 2022 security breach on its platform, reaffirming its resilience and dedication to customer recovery.

This milestone signifies another important step in the company’s efforts to restore trust and compensate affected users. Earlier this year, Patricia Technologies outlined a repayment plan spanning two to five years, leveraging revenue from business operations and law enforcement recovery efforts to meet its financial obligations.

The cyberattack, which occurred in 2022, resulted in the loss of over 600 million Naira in customer funds. In response, Patricia Technologies temporarily restricted withdrawals on its platform to safeguard users’ interests and promptly escalated the matter by filing a petition with the Inspector General of Police.

“We understand the impact this incident has had on our customers, and we are delighted that the journey to restoration has finally started,” said Hanu Fejiro, CEO of Patricia Technologies and a technology innovation expert.

Following an investigation by the National Cybercrime Center of the Nigeria Police (NPF-NCCC), law enforcement achieved a significant breakthrough in November 2023 with the arrest of Wilfred Bonse, a prominent politician, and three other suspects. The arrests confirmed Patricia Technologies’ claims and strengthened its position as a victim of cybercrime.

In keeping with its commitment, Patricia initiated phased repayments to affected customers on December 10, 2024, with additional batches scheduled in the coming months. While efforts continue to bring the perpetrators to justice, Patricia Technologies remains steadfast in its promise to prioritize the recovery of customer funds and rebuild trust with its user base.

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