Wema Bank has announced the removal and suspension of approximately seven fintech partners from its payment gateway platform due to fraudulent activities.

In response to a surge in fraudulent inflows into wallet accounts operated by some fintech partners, Wema Bank has launched an anti-fraud campaign aimed at protecting its customers and Nigerians from such activities.

A statement released by the bank on Wednesday disclosed that three fintech firms had been disengaged for fraudulent activities, while four others were suspended from the platform. This action aligns with the bank’s commitment to responsible partnerships, adherence to regulatory procedures, and compliance with the Central Bank of Nigeria’s Know-Your-Customer guidelines.

Ongoing audits and reviews of fintech partners’ processes are part of Wema Bank’s strategy to ensure effective results. The bank’s Chief Audit Executive, Oluwole Esomojumi, emphasized the importance of the anti-fraud campaign in educating customers about detecting and handling fraudulent activities on their bank accounts.

Esomojumi highlighted the evolving tactics of fraudsters and reiterated Wema Bank’s dedication to safeguarding customers’ finances and personal data. He emphasized that the bank is resolute in its stance against fraud and will continue to intensify security checks to root out fraudulent activities.

Wema Bank’s commitment to customer safety and its mission to empower the lives and businesses of its customers underscore its unwavering determination to combat fraud in the financial sector.