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.
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