Banking

Fear as Man Hacks Wema Bank to Transfer N4m

Published

6 years ago

15/07/2019

By Modupe Gbadeyanka

Reports of a young man claimed to be 19-year-old, but actually a 29-year-old, according to latest information, allegedly breaking into an account domiciled with Wema Bank Plc is creating panic among some customers of the financial institution. The reason for this fear is the safety of their deposits with the lender.

It was reported in the media that last Wednesday, one Nonso Okereke, was arraigned before an Igbosere Magistrates’ Court in Lagos for allegedly hacking into a Wema Bank account in connivance with one 36-year-old Emeka Onumba to transfer N4 million.

The Prosecutor, Inspector Ingobo Emby, who brought the suspects before Magistrate A.O. Alogba, claimed that the duo committed the offences sometime in January at Wema Bank headquarters, located at 54, Marina Street, Lagos Island.

He informed the court that the defendants hacked into an account of Wema Bank, fraudulently transferred N4 million into various accounts, and later withdrew the money and shared, which the prosecutor said contravened Sections 287 and 411 of the Criminal Law of Lagos State.

When the charges were read to them, the suspects pleaded not guilty, while the magistrate granted them bail in the sum of N400,000 each with two sureties each in like sum who must have N500,000 in their bank accounts, with the case adjourned till July 18 for trial.

But as a result of the fear created by this report last week, Wema Bank has emphasised that its system was never hacked by the suspects, assuring customers that their deposits were safe.

“Wema Bank remains committed to protecting the funds of their customers and offering safe and secure banking services,” the financial institution said.

Explaining what happened, it was gathered after an investigation that the said sum was fraudulently withdrawn from the Wema Bank account of Maxwell Odoemenam without his consent by swapping the customer’s SIM card through the telecom company.

The SIM card swapped was due to failed controls on the part of the telecoms firm who did not carry out due diligence before allowing the SIM card swap. This is beyond the control of the bank, as they do not issue SIM card to customers, we learned.

The investigation further reveals that the customer had initially visited our Lawanson branch on 20/12/2018 to request for the balance in his account and when he was availed his account balance, he discovered that there was a shortfall of N20,100.00 in his balance. Further review of his statement of account revealed that the sum of N19,000 was transferred from his account via USSD platform into the account of one Amadi Promise in Union Bank, while the balance of N1,100 was used to purchase airtime recharge for his mobile line.

He however claimed that he did not register for USSD or any online platform with the bank thus, the transactions were fraudulent and not at his instance.

Upon interrogation of the customer, he explained that he had earlier visited Airtel Office to complain of network downtime on his phone number (08121730557), which he registered with the bank and he was notified by a staff of Airtel Office that someone had tampered with his SIM card, hence, he visited our Lawanson branch to request that his phone number be changed to another.

The staff of Lawanson branch (Wema Bank) who attended to the customer claimed that he advised the customer to allow the bank to place a debit restriction on his account to avert further fraud on it but that the customer did not agree with her but rather requested for a change of telephone number on the account because it is his business account and that he did not want any restriction on it so as not to disrupt his business.

Hence, restriction was not placed on his account but his profile was deactivated on the USSD platform. The customer however denied the assertion that he rejected the Officer’s advice on placing a restriction on his account.

Unknown to the customer, after the initial N20,100 transactions, the fraudster(s) had already enrolled the customer on ALAT platform using the customer’s telephone number and other BVN details. The telephone number was fraudulently swapped at the Telecommunication company which gave them access to the customer’s BVN details on NIBSS platform.

Upon the successful enrolment of the customer’s account on the ALAT platform, funds totalling N4,056,500.00 were fraudulently transferred to Adanna Mary Opara (N210,000.00), Okeke Favour (N100,000.00), Onumba Peter (N3,646,500.00) and Anyanwu Chinonyerem (N100,000) in Access, Union and GTBank, respectively.

The bank has refunded the customer with the lost funds and got the fraudsters arrested through the instrumentality of the Police to ensure substantive justice on the matter.

Onumba Peter, one of the fraudsters apprehended by the Police claimed that one Nonso Okereke introduced the fraud to him.

Banking

CBN Delists Non-Compliant Bureaux De Change Operators

Published

3 days ago

11/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The operating licences of all legacy Bureau De Change (BDC) operators who failed to meet the new licensing requirements have been revoked by the Central Bank of Nigeria (CBN).

This happened after the central bank streamlined the BDCs to 82 in order to sanitise the foreign exchange (FX) market in the country.

The latest development was revealed by the apex bank in its Frequently Asked Questions document on the current reform of the bureau de change, published on its website on Tuesday.

According to the document, the CBN has now enforced the final cutoff, declaring that any BDC that did not meet the requirements by the end of November is no longer recognised.

“The guidelines provided a transition timeline of six months from the effective date, 3 June 2024, with a deadline of 3 December 2024, for all existing BDCs to meet the requirement of the new Guidelines or lose their licence(s). However, the management of the CBN graciously extended this deadline by another six months, which ended 3 June 2025, to give ample time for as many legacy BDCs desirous of meeting the new requirements to do so.

“Consequently, any legacy BDC that failed to meet the requirements of the new Guidelines as of 30 November 2025 has ceased to be a BDC, as its licence no longer exists. Please visit the CBN website for the updated list of existing BDCs in Nigeria,” the apex bank said.

According to the CBN, before its latest decision, an extended compliance window was granted under the revised BDC Guidelines. Existing operators were initially given six months, June 3 to December 3, 2024, to satisfy the new regulatory conditions.

The CBN later granted an additional six-month extension, which elapsed on June 3, 2025, to allow more operators to align with the updated standards.

The new measures form part of broader efforts by the CBN to strengthen transparency, compliance, and stability within Nigeria’s foreign exchange market.

The new CBN regulatory framework for BDCs, introduced in February 2024, mandated BDC operators to meet higher capital requirements. Tier-1 operators are required to meet a minimum capital requirement of N2bn, while Tier-2 operators must meet N500m as MCR.

The bank added that it would continue to receive applications on its Licensing, Approval and Requests Portal from prospective promoters, and those that meet the criteria will be considered for a license.

However, the CBN said it reserves the right to discontinue the licensing of BDCs at any time.

Banking

O3 Capital to Unlock N95bn Festive Spending Boom With Blink Card

Published

4 days ago

10/12/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

A non-bank credit card issuer, 03 Capital, has introduced a travel card designed to unlock the N95 billion festive spending boom in Nigeria.

The new initiative, known as the 03 Capital Blink Travel Card, promotes economic participation among returning Nigerians, expatriates, and tourists.

A statement from the financial technology (fintech) firm is available instantly to use at over 40 million merchants and ATMs nationwide.

The Blink Card, to be issued in both digital and physical form, is loaded with currency from any foreign bank card, converted to Naira, enabling transactions to be completed in the local currency.

The card offers tap-to-pay and cash withdrawals at over 40 million merchants and ATMs nationwide, making it the ideal solution for visitors to Nigeria.

It also avails Nigerians in the Diaspora to spend like locals when they return to their country of origin.

Payments for goods and services can be completed via the virtual Blink Card, linked to the O3Cards app. Funds can also be transferred instantly to all local banks and other financial institutions.

According to the World Bank, remittance inflows account for approximately 5.6 per cent of Nigeria’s gross domestic product (GDP), and the resultant spending power is unlocked when the Diaspora returns home for the festive period.

In December 2024, about N95 billion was injected into the Nigerian economy by inbound passengers – 90 per cent being diasporic Nigerians – spending on short-let accommodation and hotels, events and hospitality, nightlife and dining, and vehicle rentals. The launch of the Blink Card promises to spur this spending further, providing a significant boost to local businesses.

Blink Cards are available for collection at all Nigerian international airports, offering an immediate and hassle-free route to financial empowerment for people arriving in the country.

Blink Card carriers benefit from increased convenience, flexibility, and safety by not needing to carry large amounts of physical cash, while the ability to pre-load cards promotes smarter budgeting practices.

“We are excited to launch the Blink Card to promote greater economic participation among visitors to Nigeria.

“The card removes the needless friction and costs involved in legacy foreign exchange and cash payment processes, offering a quicker and more transparent option for spending in the country.

“As Nigerians begin travelling home for Christmas – combined with the regular traffic of arriving tourists, expatriates, and businesspeople – this is the perfect time to launch a solution catering to the financial needs of visitors, tapping into the seasonal spending boom which provides an annual lifeline for local economies and SMEs,” the chief executive of 03 Capital, Abimbola Pinheiro, stated.

Banking

Interswitch Champions Dialogue on Alternative Credit Scoring for Underserved

Published

5 days ago

09/12/2025

Modupe Gbadeyanka

Alternative Credit Scoring for Underserved

By Modupe Gbadeyanka

Technology leaders from across Nigeria’s digital finance ecosystem recently converged on Eko Convention Centre in Lagos to explore pathways for expanding credit access to underserved communities.

It platform for this was the 2025 Committee of e-Business Industry Heads (CeBIH) Annual Conference themed Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit. Interswitch was a returning gold sponsor.

At a high-impact panel session titled Alternative Credit Scoring for the Underserved, moderated by Wunmi Ogunbiyi of the CeBIH Advisory Council, the Divisional Head of Product Management and Solution Delivery at Verve International, a subsidiary of Interswitch Group, Mr Ademola Adeniran, examined how alternative data and digital intelligence can unlock credit for millions excluded by conventional financial models.

“For us, this conversation goes beyond technology. It is about designing credit systems that truly reflect African realities.

“Millions transact daily outside traditional banking frameworks, and alternative credit scoring enables us to recognise that economic activity and responsibly convert it into access to finance.

“At Verve and Interswitch, we are committed to building the digital infrastructure that makes this inclusion scalable and sustainable,” Mr Adeniran stated.

Also, the Vice President for Sales and Account Management, Digital Infrastructure and Managed Services at Interswitch Systegra, Ms Robinta Aluyi, stressed the importance of African-led solutions in addressing the continent’s financial challenges, noting that sustainable progress must be rooted in local realities.

Interswitch’s strength, she said, lies in the fact that it was built on the continent, for the continent, with solutions designed to serve individuals, small businesses, enterprises, and government institutions across every layer of the payment value chain.

She also emphasized the company’s purpose-driven approach to building the infrastructure that powers Africa’s digital economy and enabling secure money movement on a scale.

“Interswitch helps people navigate their daily lives with greater ease. We make transactions flow safely and reliably. We do this by connecting banks, supporting secure and reliable payments, and strengthening the entire value chain of digital finance.

“Today, we hold a significant portion of the market, and that achievement reflects the deep trust our banking and fintech partners place in our platforms. We continue to deliver because the ecosystem has worked with us every step of the way,” Ms Aliyu said.

There were also contributions from Munachimso Duru, Head, Products, Partnership and Innovation, Afrigopay Financial Services Limited; Damola Giwa, Country Manager, Visa West Africa; Nike Kolawole, representing Aisha Abdullahi, Executive Director, Credit and Portfolio Management, CREDICORP; and Ifeanyi Chukuwekem, Head, Corporate Strategy Department, eTranzact, offering a broad industry perspective on the future of responsible credit delivery.