*The Securities and Exchange Commission, in Nigeria, cautions investors against conducting investment transactions with WayvePay, an online investment platform not registered to solicit funds from the public, or operate its representatives, stating anyone who deals with the platform does so at own risk
Isola Moses | ConsumerConnect
The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WayvePay, an online investment platform not registered to solicit funds from the public or operate in the West African country’s Capital market.
SEC said the platform operated through a Web site, various social media channels, and a mobile application.
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ConsumerConnect reports the Capital market regulatory Commission also cautioned investors against conducting investment transactions with the entity or its representatives.
It urged members of the public to steer clear of WayvePay and its agents in any business relating to the Nigerian Capital market.
Anyone who deals with the platform in this regard does so at his/her own risk, the SEC noted.
On dangers of investments in unregistered, unregulated entities
The Commission warned that investing through unregistered and unregulated entities exposes investors to the risk of fraud and possible loss of their funds.
It urged Nigerians to verify the registration status of companies and other entities offering investment opportunities before committing their money.
According to the Commission, investors can confirm the status of FinTech operators through the its dedicated portal or Web site to check registered Capital market operators.
SEC as well restated the importance of dealing only with appropriately registered entities to reduce exposure to fraudulent investment schemes and protect their funds.