The Fintech subsidiary of MTN Nigeria, Momo Payment Service Bank Limited (Momo PSB), has sued 18 Nigerian commercial banks.
Momo PSB is trying to retrieve N22.3 billion “erroneously transferred to 8,000 bank customers”.
The company blamed the transfers on “system exploitation”.
MoMo PSB had suffered a major security breach barely a week after commencing operations.
The breach resulted in a N22 billion loss.
Momo PSB asked the court to declare that the deposits worth N22.3 billion belonged to it (Momo PSB) and not the banks’ customers.
Access Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Heritage Bank, Polaris Bank, Providus Bank, StanbicIBTC, Standard Chartered, Sterling Bank, Suntrust Bank, Union Bank, United Bank for Africa (UBA), Unity Bank, Wema Bank and Zenith Bank are the affected banks.
