MTN Mobile Money Suffers N22B Fraud, Held 18Banks For Recovery

MTN momo mobile money

Amidst the recent launch of the MTN momo mobile money service bank, it was recorded it suffered a recent N22B fraud attack.

In April 2022, MTN Nigeria received approvals from the CBN to launch Momo Payment Service Bank. The approvals were predicted to bring a lot of competition into the fintech industry.

Although, the MTN Momo PSB license distinctly shows difference on how it runs its service compared to commercial banks, so we weren’t expecting too much of competition as they were entirely different in terms of operations.

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MTN Mobile Money Suffers N22B Fraud, Held 18Banks For Recovery 5

What you should know about the N22B Fraud?

On May 30, MTN mobile money PSB suffered an attack which made them lose over N22B. Ever since, mobile money service banks have been on the lookout to recover its losses through the intermediary banks.

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MTN mobile money bank has filed a suit before the court and declared that on May 30th, a sum of N22B equivalent to $57m was erroneously transferred from the company’s account to a customer’s account of 18 different banks in the country.

The Chief Executive Officer (CEO), MOMO PSB Ltd, Mr. Anthony Usoro Usoro in the affidavit further claimed over 700,000 transactions were processed with credit made into 8000 accounts in the so said 18 banks.

He explained that their service was shutdown immediately the attack was spotted to avoid further loss and to trigger the intermediary bank in reverting the enormously transferred funds.

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The MTN’s MOMO Bank’s boss in the affidavit asserted that the 18 banks requested an order of court mandating them to reverse the credits made into their customers accounts before they can do so, hence, the filing of the suit.

In conclusion, MTN mobile bank PSB LTD therefore prayed the Federal High Court to compel the 18 commercial banks operating in the country to refund about N22.3billion erroneously transferred into their customers’ accounts.

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