Besides, the measure is aimed at curtailing fraudulent activities perpetrated by some wallet accounts and fintech partners.
However, due to the upsurge in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud. “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 fintech 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.
Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged three fintechs partners for fraud and suspended four others from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines, just as there are ongoing audit and review of fintech partners processes as part of the grand plan to ensure that we get the anticipated/desired results.
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