₦airaland Forum

obynzo:
I think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook theor books and present to venture capitalists to get seed findings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

babzo:
In what way were they acting as a financial institution? Did they take deposits? Give out loans? Issue debit cards? Pay interest? Invest money?

Ping Express had one business and one only bro!

babzo:
What do you mean by they don't have license?

If they didn't have a license, why would the judgement talk about the company facing 5 years probation?
If they didn't have license, why were they not charged with running a business illegally?

They are licensed sir.

SIRTee15:
if fintech cannot operate finanacial transactions, what are they licensed to do? what is interswitch doing in Nigeria?

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

LienwaltAbel:
Some people are telling him to go and beg the egomaniacal baboon. See as capitalism plus Nigerian hardship don reduce people to slaves

VaginaMiners:
Being a biochemist doesn't make you know jack about the clinical significance of jaundice in a neonate bros.

Calling jaundice 'mere' already proves you know nothing about this subject matter .

FYI, uncle biochemist , I'm a Medical Doctor with years of practice under my belt.
Ciao !

VaginaMiners:
Please don't listen to this guy

oluseyiforjesus:
So throughout the process non of ur family member is aware.
I see ur village people do meeting on u. U should hv play smart n change your Destiny but with ds I'm afraid u will still come bck to ur shovel...... I come in peace ooooo

mamajaz:
How old is this baby? Jaundice is not something you should joke with. It requires all emergencies I'm the newborn. I have 4 kids, 3 has Jaundice, Neonatal Jaundice. My first 2 were on admissions and under photocare for 8 days each, in fact, the first had his naming ceremony at the hospital, the second had her naming ceremony after discharge from the hospital. Now, the 3rd had exchanged blood transfusion twice. Since I started ANC, for the 3rd pregnancy, I kept singing it to the Consultant, the midwives, the nurses, that all my babies had aundice. So, after delivery, we were discharged and preparing for home, then the HCA who was feeding the child said she noticed Jaundice on the baby, next thing, blood test, and they didn't return the child to my bedside. What I saw again was an ambulance from a more superior hospital to where I work. They didn't even gain my consent before they picked her, the ambulance came with a Consultant Neonatologist, a senior Neonatal nurse and another ambulance team member. This child had her blood changed (EBT) twice in less than 48 hours but I thank God she's fine. Milestone is superb.

You know my fear, if the Jaundice enters the baby's brain, it can turn them to vegetable.

So, please, take that child to the hospital. I'm a Christian, I pray a lot but I love adding knowledge to my faith. I also know that Luke was a Physician. I pray, I work, I allow health workers to do their jobs.

Gracey86:
Do you buy from an unverified payoneer account?

HazzanTazzan:
Buying

PayPal 500/$
Cashapp 500/$
Payoneer 550/$
Visa 450/$
Vanilla 450/$
Wire transfer 450/$

Nbote:
Believe it or not, the Case of Deborah exposed the mentality of the average Muslim, whether learned or not

HazzanTazzan:
Buying

PayPal 500/$
Cashapp 500/$
Payoneer 550/$
Visa 450/$
Vanilla 450/$
Wire transfer 450/$

HazzanTazzan:
Buying

PayPal 500/$
Cashapp 500/$
Payoneer 550/$
Visa 450/$
Vanilla 450/$
Wire transfer 450/$