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E-Financial

Access Bank Reassures Customers after Hacker Steals Customers Data

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Access Bank Plc has assured customers that there are no threat to their account balances after Ihebuzo Chris, a Nigerian hacker, demonstrated that the walls built around bank’s network are vulnerable.

Access Bank Reassures Customers after Hacker Steals Customers Data

In a tweet yesterday, Access Bank said that “criminals have posted pages purporting to contain customer account information. We’ve alerted law enforcement agencies and ask that you ignore the post.

There is no threat to your account balances. Please continue to follow security protocol by never sharing your account details” the bank said.

The reaction came after Chris, who calls himself a python on Twitter reportedly gained access and extracted the data of over 2,000 customers of the bank.

Ihebuzo Chris…….pic credit/PM News

In a viral video, he showed the print out of the customer accounts, including their BVN, account numbers and other details.

He also, possibly inadvertently blew his own cover, an error that may easily make him a candidate for jail.

Chris, didn’t plan to steal money from the accounts, according to the video, he just wanted to show that the Access Bank computers are not impregnable.

According to him, he could debit customers’ accounts without their consent owing to the information he has.

He claimed he went deep into the Bank’s computer without their permission.

He blamed the bank for loose security, saying he is not a staff and only a guy with a computer.

 


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E-Financial

CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations

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The Central Bank of Nigeria (CBN) has slammed a ₦250 million fine on Paystack for operating Zap, its peer-to-peer payment app, as a wallet in breach of its regulatory approval.

The apex bank flagged Zap as a deposit-taking product, a function reserved exclusively for institutions with microfinance or banking licences, according to a report by TechCabal.

Launched in March, Zap allows users to send and receive money, positioning itself as a consumer-facing digital wallet.

However, Paystack only holds a switching and processing licence, which permits it to facilitate transactions but not to hold customer funds. This regulatory limitation is at the heart of the CBN’s sanction, sources familiar with the matter said.

“Paystack is working closely with the regulator as they further review Zap, and out of respect for the process, we won’t be making any public comments at this time,” a company spokesperson said.

The penalty comes amid a legal dispute between Paystack and Zap Africa, a Nigerian crypto startup, which has accused the fintech of trademark infringement.

In Nigeria’s highly regulated financial services space, digital wallets are considered deposit-taking entities, and offering such services without the requisite licence raises compliance concerns for the regulator.

Although Zap reportedly does not directly hold customer funds, it operates in partnership with Titan Trust Bank, which is authorised to accept deposits.

This is Paystack’s most significant publicly disclosed regulatory sanction since it received CBN approval in 2016. It reveals the growing scrutiny facing fintech firms as they transition from enterprise-focused offerings to consumer-facing financial services.

 


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E-Financial

Gtb Increases SMS Transaction Alert Fee Today

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Guaranty Trust Bank (GTBank) has announced an increase in its SMS transaction alert fee from ₦4 to ₦6 per message, effective May 1, 2025. The bank cited a recent rise in telecommunication tariffs by service providers as the reason for the adjustment.

In a message to customers, GTBank explained that SMS alerts sent to international phone numbers would attract higher charges due to varying telecom costs. The bank emphasized the importance of transaction alerts in helping customers monitor account activity

Customers who no longer wish to receive SMS alerts have the option to update their alert preferences by submitting a form available on the bank’s website via email. This move allows customers to manage their notification preferences according to their needs.

The fee increase affects GTBank customers, who will now be charged ₦6 per SMS alert for transactions


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E-Financial

Panic as Hackers Allegedly Steal N9.3Bn Customers’ Fund from Union Bank

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Yetunde Oni, MD/CEO, Union Bank
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Union Bank of Nigeria Plc is facing a major financial scandal after hackers reportedly siphoned N9.3 billion from multiple customer accounts.

The breach, which occurred on March 23, 2025, has led to an urgent legal battle as the bank seeks to freeze accounts suspected of receiving the stolen funds.

Court filings reveal that the cybercriminals exploited a critical system glitch, discreetly transferring the money in small amounts across 54 financial institutions to evade detection.

Oluwasegun Falola, Union Bank’s Head of E-Fraud Investigations, confirmed that tracking the transactions has been challenging due to their fragmented nature.

Acting swiftly, the bank filed a lawsuit (FHC/L/CS/629/2025) at the Federal High Court in Lagos, requesting an emergency order to halt further withdrawals. On April 2, 2025, the bank’s legal team, led by A. Adedoyin-Adeniyi, informed the court that the stolen funds were still being actively moved—suggesting an ongoing laundering operation.

In response, Justice Deinde Dipeolu granted a Post No Debit (PND) order, freezing all implicated accounts pending further investigation.

This crisis comes just 15 months after the Central Bank of Nigeria (CBN) dissolved Union Bank’s former board over governance failures. Under the leadership of MD Yetunde Oni, the bank now faces intense scrutiny as customers demand accountability.


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