CHUKS OKOH
Wayve Microfinance Bank Limited, operator of the WayvePay digital banking platform, acknowledges the recent communication by the Securities and Exchange Commission (SEC) concerning the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO).
The Bank takes the SEC’s communication and the concerns raised seriously and remains committed to engaging constructively with the Commission and other relevant regulatory authorities to address the issues and clarify the circumstances surrounding the matter.
Wayve Microfinance Bank Limited is a financial institution licensed by the Central Bank of Nigeria (CBN), with eligible deposits insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and terms. The Bank considers it important to clarify its regulatory status and distinguish its licensed banking operations from the specific matters raised in connection with the IPO.
Regarding the IPO-related arrangement, the Bank wishes to clarify that its involvement was undertaken in partnership with Coronation Secuities under a duly executed agreement between the parties. Under this arrangement, the WayvePay digital banking platform was linked to Coronation Securities to facilitate the relevant IPO-related activities, with subscription funds directed to Coronation Securities rather than directly to Wayve Microfinance Bank Limited.
Following the SEC’s communication, the Bank has withdrawn the relevant promotional materials and removed the associated link from its mobile application. Since the publication of the promotional materials, no investors has subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform.
Wayve Microfinance Bank Limited is engaging with the appropriate regulatory authorities, providing relevant documentation and clarifying the circumstances surrounding the arrangement. The Bank will continue to cooperate with the SEC and respond to the issues raised through the established regulatory processes.
The Bank recognises the SEC’s important mandate to protect investors and promote confidence in Nigeria’s capital market. It remains committed to transparency, responsible business practices and compliance with the regulatory requirements applicable to its operations. The Bank will continue to address the matter constructively and take appropriate steps in response to regulatory guidance.
Beyond this matter, WayvePay continues to provide digital banking services including electronic transfers, bill payments and eligible credit facilities designed to support individuals and small businesses. Having recently surpassed 100,000 customers, the platform remains focused on expanding access to convenient digital financial services.
The Bank is also exploring opportunities to enhance its service offerings through savings solutions and partner-reward programmes in collaboration with reputable Nigerian businesses, subject to applicable regulatory requirements and necessary approvals.
Wayve Microfinance Bank Limited assures its customers, partners and other stakeholders of its continued commitment to responsible banking, customer protection, service excellence and constructive regulatory engagement. The Bank remains focused on serving its customers, strengthening stakeholder confidence and ensuring that its products, partnerships and promotional activities are conducted in accordance with applicable regulatory requirements.
