Technical glitch hits MTN’s fintech subsidiary

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Momo Payment Service Bank Limited, the fintech subsidiary of MTN Nigeria, 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.

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.

 

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