Fintech to refund customers after platform breach

Fintech startup, Patricia Technologies Limited, has announced a two to five-year repayment plan for all customers who lost money following the recent breach of the company’s platform by hackers.

This was contained in a statement from Patricia Technologies on Wednesday.

The startup said it suffered a severe setback from a breach of its platform by suspected criminal elements, resulting in substantial asset loss to the company and customers

However, it rolled out a phased repayment plan that would give the business and the Police the needed latitude to recover stolen funds from the arrested suspects.

“To manage expectations, Patricia Technologies estimates a repayment plan spanning two to five years. The commitment is to ensure that every customer receives their full and final rightful payments within this timeframe, underscoring the company’s determination to persist until all of its financial obligations are fulfilled.”

Patricia Technologies also hinted that it had worked on a best-in-class technological solution to prevent a repeat of the recent breach.

“To streamline transactions and fortify security, Patricia Technologies is redesigning the Patricia Plus platform. The AI-enabled system, scheduled to go live by Q2 2024, aims to offer a simpler, more efficient user experience while reducing operational burdens,” the company said.

The company reported the matter to the cybercrime unit of the Nigeria Police Force, which in turn made a breakthrough in the investigation by arresting some suspects now set to be arraigned in court by June this year.

“Given the protracted process of apprehending the remaining suspects and recovering some of the stolen funds, we have considered it imperative to announce this tenured repayment schedule,” the company explained.

Patricia Technologies said it had made good on its promise by commencing the repayment to affected customers on November 20, 2023.

Patricia Technology, however, said its decision to spread out the repayment tenure carefully was to make room for “the outcome of recovery efforts by the Nigeria Police and inbound revenue from trading on the reinforced Patricia app, all of which will contribute significantly to the needed funds for the planned payment.”

“We are transitioning from crisis to creation mode, emphasising value creation designed to enhance service delivery and expedite the return of customers’ lost funds,” the company said.