Gadgets Africa
  • News
    US regulators sue Binance for illegal exchange

    US regulators sue Binance for illegal exchange

    ChatGPT is useful for criminals, EU police warn

    ChatGPT is useful for criminals, EU police warn

    Polish advisory body recommends TikTok ban

    Polish advisory body recommends TikTok ban

    No plans to ban TikTok, says Mexican President

    No plans to ban TikTok, says Mexican President

    Group reportedly hacks Australia's largest casino Crown Resorts

    Group reportedly hacks Australia’s largest casino Crown Resorts

    Japanese lawmakers consider ban of TikTok, others

    Japanese lawmakers consider ban of TikTok, others

    Elon Musk's brain implant company search for human trial partners

    Elon Musk’s brain implant company search for human trial partners

    NCC warns against viruses linked to unlicensed YouTube software

    NCC warns against viruses linked to unlicensed YouTube software

    Chinese billionaire Jack Ma resurfaces after three years

    Chinese billionaire Jack Ma resurfaces after three years

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

MTN’s fintech subsidiary suffers technical glitch

by Agency Report
June 28, 2022
in FinTech
Reading Time: 2 mins read
MTN’s fintech subsidiary suffers technical glitch
Share on FacebookShare on TwitterShare on Telegram

MTN Nigeria’s fintech subsidiary, Momo Payment Service Bank Limited, has approached a Nigerian court seeking an order to recover funds erroneously transferred to several bank customers after a technical glitch affected its system.

According to reports, the PSB is seeking a court order in its bid to retrieve an alleged sum transferred to the customers of 18 commercial banks.

The suit marked FHC/L/CS/960/2022 and filed on May 30, 2022, disclosed that the PSB had asked the court to declare the deposits worth N22.3bn belongs to it (Momo PSB) and not the banks’ customers.

According to a report by TheCable, the payment said, “A declaration that the deposits of an aggregate sum of N22,300,000,000.00 erroneously transferred by the plaintiff to the accounts of the customers of the defendant banks, having been done in error, belongs to the plaintiff and not the customers of the defendant banks.

“An order directing the defendant banks to each, individually, account for the sums available in their customers’ accounts and the sums which have been removed by the customers and are no longer available.

“An order directing the defendants’ banks to immediately return the aggregate sum of N22,300,000,000.00, less those funds that are no longer available, to the plaintiffs’ settlement account in the name Momo PSB settlement account number: 2041379385 at First Bank Plc Samuel Asabia House 35 Marina, Lagos, from where the funds originated.

“An order directing the defendant banks to release all information, including account name information in respect of the accounts from which the plaintiff’s funds have been transferred to third parties, including the destination accounts and the banks in which they are held to assist in the tracing and recovery of those funds.”

An MTN spokesman, Funso Aina, could not be reached for comments as of the time of filing this report.

However, a top official of MTN confirmed the development.

The official said, “The amount lost isn’t up to that, but we were the ones that approached the court.

“It is true, this happened over a month ago and was as a result of a technical glitch from the system.

“The system erroneously sent money to some people, and we notified the bank, asking them to reverse it as it was an error. The bank knows but they asked us to approach the court to get a court order. The thing is no money was lost, and no subscriber or customer suffered any loss.

“The money is already in the bank and as we know any money that has passed the system can be retrieved. The money is far less than N22bn. There was a glitch for about a month now and if people have lost money, they would have complained. It is factual.”

Tags: Momo PSBMTN Nigeria
ADVERTISEMENT

Related Posts

Alleged hack: Tweeps react as Flutterwave freezes customers' accounts
FinTech

Alleged hack: Tweeps react as Flutterwave freezes customers’ accounts

by Marcus Amudipe
March 6, 2023
2022 Nigeria Fintech Week begins Oct 25
FinTech

2022 Nigeria Fintech Week begins Oct 25

by Marcus Amudipe
October 25, 2022
CBN, Clickatell launch eNaira USSD channel
FinTech

CBN, Clickatell launch eNaira USSD channel

by Enitan Daramola
September 21, 2022
Embattled Risevest CEO guilty of sexual impropriety - Panel
FinTech

Risevest CEO Eke Urum quits over sexual abuse allegations

by Enitan Daramola
August 30, 2022
Next Post
Firmware attacks pose significant threat to laptops, PCs - Report

Firmware attacks pose significant threat to laptops, PCs - Report

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Elon Musk to launch paid verification for Twitter

Twitter record 1.6 million new users, says Musk

November 23, 2022
India fines Google $162m over market dominance

Google introduces “Continuous Scrolling” feature on desktop

December 6, 2022

Trending.

Apple to launch streaming platform for classical music

Apple to launch streaming platform for classical music

March 9, 2023
Google launches AI Chatbot Bard

Google launches AI Chatbot Bard

March 21, 2023
Why I am buying Twitter - Elon Musk

Twitter too important to be controlled by one person, say critics

April 16, 2022
Elon Musk to launch paid verification for Twitter

Elon Musk to launch paid verification for Twitter

October 31, 2022
AI chatbot ChatGPT back online after global outage

OpenAI launches Whisper API for voice transcription, translation

March 1, 2023
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version