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Nigerian fintech Cowrywise responds to customer-pressure, finally resolves famed deposit theft issue

Tochukwu Egesi
Tochukwu Egesi

In a statement released the Cowrywise blog on Monday, 7th September 2020, Cowrywise issued a comforting update on the protracted deposit theft issue that was made public on the 4th of September, 2020, when the affected customer, Funmi Oyatogun, posted a tweet regarding a deposit theft to the tune of millions of Naira involving her account with Cowrywise.

In the released statement, the firm reassured its platform's users of the security of their accounts and also emphasized that they highly value their customers, whilst apologizing for the time it took to get this issue resolved.

Most remarkably, they reported that they have come to a resolution following the completion of a thorough investigation into the reported incident, and the customer now has full value for the sum, recovered from the bank accounts the stolen funds were moved to.

The firm also acknowledged that throughout the course of their investigation, they failed to keep the customer properly informed of progress as much as they should have, and therefore failed to address her ongoing concerns. And as a result of this, they are improving their escalation process on similar incidents to ensure all parties involved are properly carried along and resolutions are reached much quicker.

Finally, the fintech empathised with Funmi for being a victim of the unfortunate experience and thanked her for being a Cowrywise advocate and for her patience during the period of resolution.

Financial inclusionNews

Tochukwu Egesi

Financial Services Strategy & Digital Economy Specialist (Scribing in Personal Capacity)