Businessman raises alarm over N700m account restriction by Moniepoint MFB

A businessman, operating under the alias AIS_Savita, took to an online platform on Tuesday to voice grievances against Moniepoint Microfinance Bank, alleging the arbitrary restriction of his account despite holding a credit balance of N700 million.

In a video shared on the same day, AIS_Savita detailed his frustration, revealing that he had conducted transactions amounting to nearly N700 million with Moniepoint MFB over four months before encountering the sudden restriction of his account. Despite numerous attempts to seek clarification from the bank, AIS_Savita claimed to have received no satisfactory explanation for the restriction.

“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.”

Efforts by our correspondent to get the reactions of the CBN remained unsuccessful as both calls and messages sent to the Acting Director of Corporate Communications, CBN, Hakama Sidi-Ali; and the Assistant Director, Lekan Ajayi, were not successful.

Punch Online checks on @moneypoint Nigeria showed that the lender responded to AIS_Savita, apologising, ”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.