OurPass, initially envisioned as a seamless one-click payment platform, is now mired in controversy. Recent investigations reveal a troubling sequence of events: staff arrests, frozen salaries, customers unable to access funds, and emerging regulatory concerns.
This downfall traces back to a data breach in June 2024, where a phishing attack led to the theft of ₦25 million (about $16,260) from the company’s accounts. Within days, a senior employee was arrested amid suspicion of involvement — though the case was dropped after investigators found no evidence of wrongdoing.
By late 2024, internal turmoil worsened as employees went unpaid, and layoffs began—many workers simply vanished from the payroll. Customer complaints soon followed. Some users reported being locked out of their deposits for months. One Lagos-based pharmacy is said to be owed as much as ₦71 million (around $46,200), and another user’s ₦23 million ($14,960) remains inaccessible despite months of repeated withdrawal attempts. The company’s leadership repeatedly cited “technical issues” tied to a core banking migration—but offered no clear resolution timeline.
The situation deepened this month when a customer accused CEO Samuel Eze of withholding her ₦23 million deposit for over eight months. The Financial Investigations Journal (FIJ) reports he was even arrested by Interpol in connection to another customer’s missing ₦150 million, although that case remains ongoing.
The OurPass debacle underscores broader vulnerabilities in Nigeria’s fintech environment, particularly where startups promise innovation without solid infrastructure or governance. As employees and customers await answers, regulators are being urged to step in or risk letting another digital trust epidemic ripple across the industry.
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