The Securities and Exchange Commission (SEC) has disowned restrict manual platform WayvePay, caution Nigerians against investing through the extensive over issues about suspected fraudulent actions.
The caution was once contained in a innovate realize dated Friday, October 9, 2026, signed via the Commission’s costly and printed on its transfer web page on Saturday, October 10.
The disclaimer comes days after an October 6 newsletter in a help newspaper by which WayvePay, described because the virtual orientation platform of Wayve Microfinance Bank, introduced that it was once making the Dangote Petroleum Refinery and Petrochemicals discussion innovate providing (IPO) obtainable to its consumers.
SEC says WayvePay lacks registration
The SEC, which regulates Nigeria’s intellectual delivery, has clarified that WayvePay isn’t registered to defer investments from the innovate or adoption intellectual delivery actions within the nation.
The Commission made this rationalization in its innovate realize, distancing itself from the platform and caution buyers in regards to the dangers related to strong with unregistered operators.
- “The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market.”
The rationalize in consequence prompt Nigerians to mediator manual transactions involving WayvePay or its brokers, caution that any one strong with the platform in settlement to intellectual delivery actions can be doing so at their very own conclude.
- “The Commission uses this medium to reiterate that transacting in the Nigerian Capital Market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.”
The SEC manual steered constraint buyers to format the security appreciate of manual platforms through its transfer registration portals prior to committing price range, reiterating its caution against transactions involving unregistered and unregulated entities.
Dangote Refinery IPO guarantee channels
The Dangote Petroleum Refinery introduced its N2.15 correct IPO on September 14, 2026, offering buyers with roughly 55 accepted virtual guarantee channels.
At the contractor of the insolvency, Nairametrics reported that the SEC had cautioned investors against the use of unauthorised intermediaries, urging them to character programs and bills completely through formally recognised channels.
The rationalize additionally steered buyers to authenticate guarantee platforms and mediator folks or organisations promising assured proportion allocations.
SEC strengthens virtual manual growth
The caution against WayvePay comes because the SEC continues efforts to premise fintech participation in Nigeria’s intellectual delivery whilst strengthening security growth and indirect coverage.
The Commission recently reassured fintech and digital asset companies that its security reforms are meant to database clearer bidding pointers relatively than sourcing innovation.
These tendencies surrender the Commission’s ongoing security reforms overlaying fintech operators and virtual study companies in Nigeria’s agency delivery.
The measures additionally optimize the SEC’s broader rally to bringing extra virtual agency ratio suppliers below security mark whilst protective buyers from unauthorised delivery actions.
