In response to the recent cybersecurity breach on its platform, Fintech startup Patricia Technologies Limited has announced a comprehensive two to five-year repayment plan for customers who suffered financial losses. The startup, which fell victim to criminal elements, revealed substantial asset losses for both the company and its users.
In an official statement released, Patricia Technologies outlined a phased repayment strategy aimed at recovering stolen funds and collaborating with law enforcement. The company expressed its commitment to ensuring that all affected customers receive their rightful payments within the stipulated timeframe.
The startup acknowledged the setback and reported the incident to the cybercrime unit of the Nigeria Police Force, resulting in the arrest of suspects expected to be arraigned in court by June 2024. Patricia Technologies estimates the repayment plan duration considering the complexities of apprehending remaining suspects and the recovery of stolen funds.
To prevent future breaches, Patricia Technologies is introducing an AI-enabled system, scheduled to launch in Q2 2024, which aims to streamline transactions and enhance security on the Patricia Plus platform.
The company has initiated repayments to affected customers since November 20, 2023, and underscores its careful consideration in spreading out the repayment schedule. This allows room for the outcome of police recovery efforts and revenue generated from trading on the fortified Patricia app.
“We are transitioning from crisis to creation mode, emphasizing value creation designed to enhance service delivery and expedite the return of customers’ lost funds,” stated Patricia Technologies.
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