Momo Payment Service Bank Limited (MPSBL), the banking subsidiary of MTN Nigeria Communications Plc, is currently enmeshed in an alleged N23 billion fraud scandal, one month after launch.

The MTN subsidiary has urged a Federal High Court to compel 18 commercial banks to refund the funds that were transferred to their customers using its platform.

The money, MPSBL said, was erroneously and fraudulently transferred in 700,000 transactions into about 8,000 accounts belonging to customers.

The MTN fintech also urged the court to order the banks to provide information about the customers into whose accounts the funds were paid to.

The requests form part of the reliefs in a suit filed by MPSBL through its lawyer, Lotana Okoli (SAN).

MPSBL averred that under the Central Bank of Nigeria (CBN) Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made pursuant to sections 2(D), 33(1)6) and 47(2) of the CBN Act 2007,it is incumbent on the banks to make refunds and provide the required information.

Full story: https://www.chronicle.ng/2022/06/27/n23bn-fraud-rocks-mtns-momo-psb-one-month-after-launch/

Sad

Too bad