Wema Bank removes and suspends seven fintech partners for fraudulent activities
- Wema Bank removes and suspends fintech partners from its payment gateway platform due to fraudulent activity.
- The bank reported a loss of ₦685 million (~$595,000) due to fraud and forgery in 2023 and launched an anti-fraud campaign.
- E-payment transactions in Nigeria increased in Q1 2024, with electronic transactions reaching ₦234 trillion.
The fraudulent activity and loss experienced by Wema Bank highlight the need for strong security measures and due diligence when partnering with fintech firms. While the bank's efforts to remove fraudulent partners and increase security checks are commendable, the negative sentiment and significant financial loss indicate the severity of the issue. Further discussion should focus on strengthening regulatory procedures and implementing stricter Know-Your-Customer guidelines to prevent future incidents.
