Nigeria's SEC Warns Public Against Unregistered Investment Platform WayvePay
Nigeria's Securities and Exchange Commission (SEC) issued an official warning regarding WayvePay's suspected fraudulent activities.
In Brief
- •Nigeria's Securities and Exchange Commission (SEC) issued an official warning regarding WayvePay's suspected fraudulent activities.
- •The commission confirmed that WayvePay is not registered to solicit public investments or operate within the Nigerian capital market.
- •The platform operates via a dedicated mobile application, a website, and various social media channels.
- •The SEC advised the public to verify company credentials on official registration portals before investing funds.
Why It Matters
Unregulated digital finance and investment platforms pose severe risks of capital loss and fraudulent activity for retail investors in Nigeria. By publicly flagging unlicensed entities, the regulator aims to limit financial harm and enforce compliance within the national capital market.
Key Details
- Regulatory Body
- Securities and Exchange Commission (SEC) Nigeria
- Flagged Entity
- WayvePay
- Operating Channels
- Website, mobile application, and social media
- Previous Action Date
- August 21 (Warning issued against Gvest Global)
Context & Background
The alert concerning WayvePay follows previous enforcement actions by Nigeria's capital market regulator, including an August notice against Gvest Global and three related entities after an investigation identified traits indicative of Ponzi schemes.
Original Reporting & Sources
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