Investigative Report: How Payday and Changera Are Working Together to Scam Nigerians Millions of Naira

Payday and Changera’s Alleged Scheme to Scam Nigerians Millions of Naira

 

The rise of fintech platforms in Nigeria, such as Chipper Cash, Grey, and Geegpay.africa, has significantly impacted how individuals handle currency exchanges and online payments.

Among these platforms was Payday, which promised seamless conversion of Naira to Dollars and provided virtual Mastercards for online transactions. However, recent developments suggest that Payday, in collaboration with Changera, may be involved in a scheme that has scammed numerous Nigerians out of millions of Naira.

Victim’s Account:

On the surface, Payday seemed like a reliable platform. A victim, who wishes to remain anonymous, shared their experience of depositing $50,000 into their Payday wallet, intending to convert it to USD for website hosting fees. Despite several days of attempts, the conversion failed repeatedly. Frustrated, the victim tried to withdraw the money, but all efforts proved futile.

Initial Contact with Support:

When contacted, Payday’s support reassured the victim that the issue would be resolved but failed to mention any ongoing changes within the company. After continuous failed attempts to withdraw funds, the victim received a notification on March 16th that Changera had acquired Payday. By March 18th, the victim’s account, along with many others, was migrated to Changera.

Current Situation:

Upon logging into Changera, the victim discovered that their money had been moved to a “ledger” and would supposedly be transferred to their wallet after a security check. Despite numerous follow-ups and support messages, over two months have passed, and the money remains inaccessible. Each contact with support results in the same response, with the added threat of account disablement if offensive language is used in communications.

Widespread Issue

A background check on Twitter revealed that over 500 Nigerians have experienced similar issues. Many users report their funds being stuck following Payday’s alleged acquisition by Changera. The common pattern involves users’ money being transferred to a ledger and held indefinitely under the guise of security checks.

Investigation Findings

Pattern of Deception:

Evidence suggests that Payday’s method involves accumulating significant funds from users, then rebranding or claiming to be acquired by another platform. Following this, users are informed their funds are undergoing security checks, leading to endless waiting and eventual abandonment of their money.

Lack of Transparency:

The transition from Payday to Changera was not communicated transparently to users. The sudden change and subsequent inaccessibility of funds point towards a deliberate attempt to withhold users’ money.

User Reports:

Social media platforms, particularly Twitter, are flooded with reports from users who have experienced similar issues. These reports indicate a systemic problem affecting a large number of users, suggesting a well-coordinated scheme.

Response

Central Bank of Nigeria (CBN):

The CBN has been notified of the issue, but no substantial action has been reported yet. Users are advised to report such incidents to the CBN and other financial regulatory bodies to prompt a thorough investigation.

User Protections:

The Nigerian financial regulatory bodies need to implement stricter measures to monitor fintech platforms and protect users from fraudulent activities.

 

The allegations against Payday and Changera highlight the need for increased vigilance and regulatory oversight in the fintech industry. While these platforms offer convenience and innovation, they also pose new risks. It is crucial for users to remain cautious and proactive in protecting their financial interests. The Nigerian financial regulatory bodies must take stringent measures to investigate and address such fraudulent operations, ensuring the safety and trust of users in the digital financial ecosystem