WayvePay confirms no investor used its platform for Dangote Refinery IPO

Wayve Microfinance Bank Limited, which runs the WayvePay digital banking platform, has stated that no investor bought shares in the Dangote Petroleum Refinery and Petrochemicals initial public offering (IPO) through its platform. This comes after a warning from the Securities and Exchange Commission (SEC).

The bank shared this information in a statement. They stopped all promotional activities and took down the related link from their mobile app after the SEC advised customers to avoid investing via their platform.

Last Friday, the SEC warned everyone about investing through WayvePay. They mentioned that the platform is not registered to invite public investments or operate in any way in the Nigerian capital market.

The capital market regulator pointed out that working with unregistered and unregulated companies can leave investors open to fraud and possible financial losses.

In reply, Wayve Microfinance Bank said it is part of the IPO through a partnership with Coronation Securities, based on an agreement between both parties.

The bank explained that the arrangement connects the WayvePay platform to Coronation Securities to help with IPO-related activities. Subscription funds are sent to Coronation Securities rather than to the bank itself.

"Since the publication of the promotional materials, no investors have subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform," the bank said.

"The bank understands the SEC’s important role in protecting investors and building trust in Nigeria’s capital market," the digital bank added.

"It remains dedicated to transparency, responsible business practices, and following the regulatory rules that apply to its operations," they said.

Wayve Microfinance Bank also revealed that it is licensed by the Central Bank of Nigeria. The Nigeria Deposit Insurance Corporation (NDIC) covers eligible deposits, subject to limits and terms.

"The bank takes the SEC’s message and the concerns raised seriously. It remains committed to engaging positively with the commission and other relevant regulatory bodies to resolve the issues and clarify the situation," the microfinance bank stated.

The bank assured customers that it will keep providing digital banking services. This includes electronic transfers, bill payments, and eligible credit facilities for individuals and small businesses.