Nigeria's markets regulator warns against WayvePay
The Securities and Exchange Commission says the online investment platform is not registered and that anyone who uses it does so at their own risk.
Abuja — Nigeria's Securities and Exchange Commission has warned the public not to invest through WayvePay, an online platform it says is not registered to take money from investors, Premium Times reports.
"The Commission hereby informs the public that WAYVEPAY is not registered by the Commission to solicit investments from the public," it said in a statement on Friday headed "Suspected Fraudulent Activities of WayvePay".
The platform operates through a website, a mobile app and social media, the commission said.
The advice
The commission told the public to stay away from the platform and its representatives. Anyone who deals with it does so at their own risk, it said, and dealing with unregistered operators exposes investors to fraud and the loss of their money.
It urged Nigerians to check whether any company offering an investment is registered, using the commission's own portals, before handing over funds.
The report carries no response from WayvePay.
Not the first
In August the commission issued a similar warning about Gvest Global and three related entities, saying their operations showed "typical indicators and characteristics commonly associated with Ponzi schemes".
This report is based on reporting by Premium Times.
