Security Lapse Plagues Nigerian Fintech As Lady Says She Lost Millions From Her Cowrywise Account
Nigerian fintech gets bad publicity as a Twitter user complained that she lost ‘few’ millions from her Cowrywise account. See more details about this story below.
In a Twitter thread, Funmi Oyatogun called out popular Nigerian fintech Cowrywise for the way their customer service treated her when she lost money. Oyatogun said, in part;
“A few million Naira was stolen from my @cowrywise stash (if it happened to me, it can happen to anyone). Cowrywise has traced the origin of the theft and have the details of the thieves. I was also promised that I will get my money back. I have not gotten it back.
“It is one thing that my money was insecure. Note, following my incident and at my recommendation, Cowrywise has since disabled external transfer on Stash. It is another thing that the leadership does not prioritise reimbursements of obvious theft and then chasing the back end.”
She also added that she hated calling out ‘disappointments on Twitter, talk less of brands.’ But she just wants back her ‘hard-earned’ Naira. Additionally, Funmi Oyatogun says that she is not calling the Nigerian fintech, Cowrywise a fraud.
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In response, Cowrywise had assured users and the public of its commitment to security. It says, “nobody can access your account without your password and pin. And we advice [sic] our customers not to give out their credentials.”
The fintech company reveals that Funmi Oyatogun had alerted them of the incident after two weeks. It also admits that while it has located the erring bank account, the bank needs a court order to effect a reversal. It ended its response with the statement, “rest assured, we have not given up in finding a resolution”.
The incident led to Twitter users dragging the name of another popular Nigeria fintech, PiggyBank, into the discussion. Also, many others have taken an issue with how Cowrywise handled the matter and its public statement as well.
Earlier this week, a Twitter user had claimed to have hacked into Access Bank Nigeria systems and gotten hold of sensitive customers’ details like; bank account number, names, BVNs, and others.
It now begs the question; where is one’s money safe in Nigeria? Would you rather save your money in a traditional banking institution or in a fintech startup?
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