SEC warns Nigerians against investing through ‘unregistered’ WayvePay

The Securities and Exchange Commission (SEC) has warned Nigerians against investing through WayvePay, saying the online investment platform is not registered to solicit investments from the public or operate within the Nigerian capital market.

The Commission issued the warning in a public notice signed by its management on October 9, 2026 and published on its website on October 10.

According to the SEC, WayvePay operates through a website, social media platforms and a mobile application. The regulator said the platform is not registered with the Commission to solicit investments from the public or carry out any business in the Nigerian capital market.

The SEC has issued similar notices this year on other platforms, including Aurum Bot and Modmount Services Limited, which it also listed as suspected of fraudulent activities.

The Commission advised members of the public to refrain from investing with WayvePay or dealing with any of its representatives or agents in connection with business relating to the Nigerian capital market.

The Commission advised members of the public to refrain from investing with WayvePay or dealing with any of its representatives or agents in connection with business relating to the Nigerian capital market.

“Any person who engages with the entity or its representatives does so at their own risk,” the SEC said.

The regulator warned that transactions in the Nigerian capital market through unregistered and unregulated entities expose investors to the risk of fraud and potential loss of their investments.

The warning comes as online platforms increasingly provide digital channels for Nigerians to access investment products, making regulatory verification an important step before investors commit funds.

The SEC urged Nigerians to verify the registration status of companies and entities offering investment opportunities before transacting with them.

It directed investors to its dedicated portal for registered fintech operators and its register of capital market operators, where the status of regulated entities can be checked.

The Commission said the verification process is intended to help investors establish whether a platform is authorised to provide investment-related services in Nigeria.

The SEC’s notice specifically identifies WayvePay as an online investment platform whose activities had come to its attention. It does not state that the platform has been convicted of fraud or that investors have necessarily suffered losses through it.

Instead, the regulator’s warning centres on WayvePay’s lack of registration and authorisation to solicit investments from the public or operate within the Nigerian capital market.

SEC steps up warnings on unregistered platforms

The WayvePay notice forms part of the SEC’s continuing warnings about investment activities conducted through entities that are not registered with the Commission.

The regulator has advised investors to establish the regulatory status of investment platforms before committing funds, particularly where services are offered through digital channels.

For investors, the SEC’s latest warning places emphasis on checking regulatory authorisation rather than relying solely on online visibility, mobile applications, social media promotions or claims made by investment platforms.

The Commission’s public register provides a means for investors to verify whether an entity offering investment-related services is registered before engaging with it.

To protect themselves, the SEC urged Nigerians to confirm that a company is registered before investing. It pointed them to the registered fintech operators page on its website and to its list of capital market operators at www.sec.gov.ng/cmos.

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