Nigeria’s largest telecom firm, MTN Nigeria and MTN’s leading subsidiary in terms of sheer number of subscribers, has taken 18 banks in Nigeria to court over an alleged series of unauthorised transfers to the tune of $53.7-million. The shady transfers were from an account reportedly owned by its mobile payment service bank (PSB) MoMo, which was only recently licensed in the West African country. According to several Nigerian publications covering the story, MTN Nigeria alleges that the 18 banks, which are partners of the telecom, have wrongly transferred billions of Naira to 8000 accounts maintained by customers of the banks. Transfers from the MoMo settlement account were noticed on 24 May 2022, reaching a total of 700,000 transactions into the accounts across the 18 banks. MoMo PSB management then reportedly shut down the service and is persuing refunds from the banks.

Source: The North Africa Journal June 29, 2022 11:33 UTC