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Wema Bank to probe firm’s marketers amid allegations of illegal banking practice



Wema Bank seeks to raise N40bn from shareholders

Wema Bank has stated that it will investigate the opening of unauthorised accounts in the financial institution, after Ripples Nigeria broke the story that the firm was allegedly creating accounts for Nigerians without approval.

This publication had spoken to some individuals who claimed their identities were being used by Wema Bank to open accounts without their consent.

The affected individuals said they were not informed before the accounts were opened, and only realised it through text messages sent by Wema Bank informing them they now own accounts in the firm.

Following the publication, Wema Bank in a statement to Ripples Nigeria by its Public Relations consultants, Chain Reactions Africa, and signed by Chidiebere Onuorha, said it doesn’t condone the abuse of data or breach of personal information, hence, it will be investigating the report.

The company had previously stated, in an email sent to some of the affected persons, and seen by this media outlet, that its vendors and marketers opened the accounts in celebration of its digital platform, ALAT, celebrating its 5th anniversary.

Read also :Relief for Wema bank shareholders as NGX lifts suspension

This narrows the investigation to Wema Bank’s vendors and marketers, as the bank said, “We implore members of the public that, as a financial institution, Wema Bank takes issues around data integrity and breaches seriously, and we are currently investigating the reports”.

Wema Bank explained that the unauthorised accounts can’t function without downloading its app and confirming the account,

In the firm’s words, “Recently, we embarked on a massive activation campaign in the month and wish to state that all accounts opened are valid and fit for use. We would like to reassure our customers that we keep all customer data confidential.

“Do note, however, that no account can be activated except by the owner of the account, when the person downloads the app and proceeds with account confirmation.”

Wema Bank further stated, “Again, we implore everyone to keep their personal details safe as scammers are on the prowl and would use all opportunities to defraud customers. Where you think your data may have been compromised, please change all your passwords and PINs immediately.

“We want to assure all our customers that your financial transactions remain safe and secure with Wema Bank.”

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