It is possible that Nigeria’s Moniepoint could face sanctions from the Central Bank of Nigeria (CBN) following a call-out by businessman AIS Savita.
The businessman expressed his grievances on X, stating that Moniepoint Microfinance Bank had imposed restrictions on his account, which held a credit balance of N700m.
AIS_Savita emphasized in a video posted on Tuesday that he had engaged in transactions amounting to almost N700m with Moniepoint MFB over four months before his account was inexplicably limited.
Despite numerous efforts, he expressed his inability to determine the cause behind this restriction.
Presenting evidence from his transaction history, AIS_Savita emphasized the absence of any irregular transaction as claimed by Moniepoint MFB.
He expressed concerns that such actions by the bank could adversely affect his business operations and demanded transparency and accountability.
AIS_Savita urged the CBN and EFCC to investigate the matter thoroughly, asserting that Moniepoint MFB’s actions could constitute financial fraud.
He cautioned other account holders to remain vigilant and called for greater scrutiny of the bank’s practices to prevent similar incidents.
“I have transacted almost N700m in less than four months with Moniepoint Nigeria, but my account was suddenly restricted without any reason given.
“I believe this is a case of massive financial fraud and I demand that the Central Bank of Nigeria and the Economic and Financial Crimes Commission investigate. MoneyPoint Nigeria has been rolling down business accounts, restricting them without any justifiable reason, and I am not alone in this experience”, he tweeted.
_Savita (@smartakukoma) / X (twitter.com), showed the transaction history and other financial details between him and Moniepoint Nigeria while claiming that his business account was just restricted to fail his customers. “So, why will you wake up early morning and decide to restrict an account, a business account?”
Speaking in the video evidence seen and monitored by PUNCH Online, he said, “Dear CBN, dear EFCC, it’s time you look at Moniepoint and what they have been doing with businesses. They have been running down businesses and restricting business accounts.
“I woke up on Sunday, suddenly around 1:57 a.m. on the 14th of April when Moniepoint restricted my account and sent me a message that my account was restricted.
“It was on a Sunday morning and I waited till Monday. I called them. Why did you restrict my account? They couldn’t give me any reason for restricting my account. I reached out to them again many times they could not give me a reason. They only told me that I should wait until the investigation was going on. I waited for so long. I have to write them on X right here.
“Here is the Moniepoint chat trend. They said that “an erroneous transaction of 965,000 445 occurred in my account on the 9th of April”. I said all right. Is there any information you need me to provide for you to unrestrict my account so that I can continue my business? They did not give me any feedback. They only said that I should wait. I said Okay. I have to check my account statements.”
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A quick check on @moneypoint Nigeria showed that the lender responded to AIS_Savita, apologizing, ”for the inconvenience caused.”
“Hello there, we are sorry about the experience with your account and for the inconvenience caused.
“As discussed via DM, your account was flagged for a transaction. The lien will be reviewed after the reconciliation and feedback provided. Thank you for your patience”, Moniepoint wrote on his X handle at @Moniepoint Nigeria.
CBN Tells Banks To Submit Their Returns Or Face Sanctions
A few weeks back, the Central Bank of Nigeria warned all primary mortgage banks in the country regarding the timely submission of regulatory returns.
This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks.
In a press release issued on its website dated March 5 with reference number FPR/DIR/PUB/LET/001/022, and signed by its Director, Financial Policy and Regulation, Dr. Valentine Ururuka, the CBN expressed dismay over the late and non-rendition of periodic returns related to the Financial Institutions’ Annual reports.
According to CBN, “Primary Mortgage Bank shall be construed as any company that is licensed to carry out primary mortgage banking business in Nigeria.”
The apex bank emphasized that adherence to regulatory guidelines is crucial for maintaining financial stability and transparency within the banking sector.
PMBs play a vital role in the real estate and housing finance industry, and their compliance with reporting requirements is essential for effective oversight.
The CBN reminded all PMBs of the provisions outlined in Section 24 of the Banks and Other Financial Institutions Act 2020.
This section specifically addresses the timely rendition of regulatory returns, including the FinA reports.
PMBs are required to submit their monthly FinA returns on or before the 5th day after the month-end.
This deadline ensures that the CBN receives accurate and up-to-date information about the financial health of these institutions.
