SEC Warns on WayvePay: How to Check a Platform First

The Securities and Exchange Commission (SEC) has told the public that WayvePay, the digital banking platform of Wayve Microfinance Bank, "is not registered by the Commission to solicit investments from the public or operate in any capacity within the Nigerian capital market." The notice, signed on 9 October and published on 10 October 2026, followed WayvePay's promotion of the Dangote Petroleum Refinery IPO to its customers. The bank has since withdrawn the promotion and says no investor subscribed through its platform. Here is what happened, and how you can check any platform before you send money.

What happened, step by step

The SEC advised the public to refrain from investing with WayvePay or any of its agents on capital market business, adding that anyone who does so "does so at their own risk." It repeated that dealing with unregistered and unregulated entities exposes investors to fraud and possible loss of their money.

What WayvePay says

In its statement, reported by Premium Times and ThisDay, Wayve Microfinance Bank made four main points:

• It is licensed by the Central Bank of Nigeria, and eligible deposits are insured by the Nigeria Deposit Insurance Corporation, subject to coverage limits.
• Its role in the IPO was through a partnership with Coronation Securities under an agreement between the two, with subscription funds directed to Coronation Securities rather than to the bank.
• "Since the publication of the promotional materials, no investors have subscribed for shares in the Dangote Petroleum Refinery and Petrochemicals IPO through the WayvePay platform."
• It is engaging with the SEC and other regulators, providing documents and clarifying the arrangement.

The bank says its everyday services, such as transfers, bill payments and eligible loans, continue. The SEC notice is about capital market activity.

Why a bank licence is not a capital market licence

This is the key lesson for ordinary investors. Different regulators license different activities in Nigeria. A CBN licence allows a firm to carry on banking. It does not, on its own, allow that firm to solicit investments or take part in capital market business, which the SEC regulates.

So a platform can be a real, licensed bank and still not be registered to sell you shares. The SEC made a related point in its notice on the Dangote IPO itself, published on 14 September: "the existence of an individual, company, digital platform or social media account does not, by itself, constitute approval or authorisation to receive applications or funds from investors."

How to check a platform before you invest

The SEC gives two places to verify a firm's status:

1. The Capital Market Operators register at www.sec.gov.ng/cmos, for stockbrokers, fund managers, issuing houses and other operators.
2. The registered fintech operators list on the SEC's FinPort page, for digital investment platforms.

Then apply a few simple checks:

• Search the exact company name. A brand or app name can differ from the legal name, so look for the company behind the app.
• Check the activity, not just the name. Make sure the firm is registered for what it is offering you, such as dealing in shares or managing funds.
• For any IPO, use the listed channels. Use only the receiving agents and platforms named in the official offer documents and the issuer's own website.
• Never pay an individual. Payments for an offer should go to the official receiving accounts, not to a person's account.
• Ignore promises of guaranteed allotment. The SEC specifically warns against messages that offer or guarantee allotments or preferential allocation.

The SEC's seven-point advice for the Dangote IPO

In its 14 September notice, the SEC asked prospective investors to get information only from official SEC, issuer and approved channels; verify any website or link before sharing personal or financial details; follow only the official application process and timetable; avoid sending money to anyone outside approved channels; confirm that their broker's platform is authorised for the offer; ignore unsolicited calls, WhatsApp messages, adverts and emails promising allotments; and read the approved prospectus. The offer now closes on 27 October 2026, after an SEC-approved extension.

What this means for investors

• Check before you click. Many Nigerians now invest through apps. A few minutes on the SEC register can protect your savings.
• A licence in one area is not a licence in all areas. Ask which regulator covers the specific product you are buying.
• If you applied through an unlisted channel, ask questions now. Contact your stockbroker, bank or an SEC-registered adviser, and keep all receipts and messages.
• Big offers attract copycats. High-profile IPOs often bring fake links and urgent messages. Slow down and verify.
• Keep records. Save your application form, payment proof and any confirmation, in case you need to follow up after allotment.

This is for information only and is not investment advice.

FAQ

Is WayvePay registered with the SEC?

The SEC said WayvePay is not registered to solicit investments or operate in any capacity in the Nigerian capital market. Its operator, Wayve Microfinance Bank, says it is licensed by the CBN for banking.

Did anyone buy Dangote IPO shares through WayvePay?

Wayve Microfinance Bank says no investor subscribed for Dangote Refinery IPO shares through the WayvePay platform after its promotion was published.

How do I check if an investment company is SEC registered?

Search the SEC Capital Market Operators register at www.sec.gov.ng/cmos, or the SEC list of registered fintech operators, before you invest.

Sources

• SEC Nigeria, "Suspected fraudulent activities of WayvePay" (published 10 Oct 2026)
• SEC Nigeria, "Dangote Petroleum Refinery and Petrochemicals Initial Public Offering" (14 Sep 2026)
• Premium Times, "WayvePay says no investor subscribed to Dangote Refinery IPO through its platform" (14 Oct 2026)
• ThisDay, "Dangote Refinery IPO: WayvePay Withdraws Promotional Materials After SEC Warning" (15 Oct 2026)
• Punch, "Dangote Refinery IPO launches on digital banking platform" (6 Oct 2026)