Mabel Adeteye, Head, Brand and Marketing Communications Department of WEMA Bank, has finally opened up on the huge debt burden capable of pulling the financial institution down.
Adeteye who initially maintained sealed lips when contacted, said that the bank came up with the amount because there were aggregate losses from its digital and collection/payment channels including third parties connected through its platforms.
Her statement reads “These were aggregate losses from our digital and collection/payment channels including 3rd parties connected through our platforms.
“The losses were from varied reasons. Some of them were due to the known challenges of electronic KYC across the nation.
“To mitigate more occurrences, amongst others, we have strengthened the fraud monitoring process, increased the staffing and capacity in the digital compliance areas, strengthened our periodic controlled negative and vulnerability penetration testing of our platforms, tightened our information security compliance processes around loans qualification, disbursement and collection, as well as our monitoring systems.
“The numbers have dropped drastically from Q4 2023 into Q1 2024 and we expect this decline to continue.
“We do not anticipate similar volumes in 2024 financial year.”
… Curried from National Waves except the headline and intro.
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