"No Fraud": After Opay, PalmPay, Moniepoint Speaks on Reasons For Transaction Hitches

• Moniepoint has spoken after its customers took to social media to complain of transaction hitches
• Customers took to social media to call out the bank over frustration encountered trying to receive or send funds
• The customers wondered if the bank was among those disconnected from funds transfer by NIBBS

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

Moniepoint has taken to social media to calm the nerves of its customers over transaction hitches plaguing the platform.

Customers of the newly licensed microfinance bank took to social media to vent their frustrations over their inability to transact on the platform for Monday, December 18, 2023.

In a statement posted on its X handle, the company apologised and said its engineers were working to resolve the issue.

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Nigerians react

Peeved users took to social media to lash out at the firm for not resolving the transaction hitches, which they say have ruined their business activities for the whole day.

One user said:

"The other day kuda bank, access bank, and fidelity bank misbehaved, today na moniepoint wey dey misbehave.

"How could a bank app be misbehaving, and it is Monday, all the staff are there in their offices, yet something has yet to be done for hours? This is seriously ridiculous @moniepointng @moniepoint @MoniepointHelp"

Another user said:

"I did a transfer to a moniepoint POS woman. There was a debit alert from my bank, but this woman insisted I bring a statement of account because she didn't see the money I transferred to her. This is frustrating"

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A third user said:

"I've trusted this Moniepoint person enough not to do this madness like other banks. Omo"

Some customers wondered if the bank was among those other by the Nigeria Inter-Bank Settlement System (NIBBS) to be disconnected from funds transfer.

Opay, PalmPay speak on new security features

The development comes after Opay and Palmpay announced critical changes to how customers get verified on their platforms. The two digital banking platforms changed in response to reports of loopholes exploited by fraudsters when opening accounts.

For Opay, there are changes in the identification method of securing bank accounts during the onboarding process.

According to a statement made available to Legit.ng, customers will now have to provide bank account verification to help users authenticate BVN.

The company said the process was included because a BVN backs every account.

PalmPay launched a new security in-app version

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Fraud alert: PalmPay, OPay take action, announces account changes, customers to update

Similarly, PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

The company said the product launch is in response to the Central Bank of Nigeria's recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers.

NIBBS to remove Flutterwave, other non-deposit financial institutions from fund transfer channels

Legi t.ng reported that a circular from the Nigeria Interbank Settlement System (NIBBS) had instructed commercial banks to disconnect every non-deposit financial institution from NIBBS Instant Payment (NIP) fund transfer channels.

The affected financial institutions include switching firms, payment solutions service providers, and super agents.

The NIP fund transfer channels include USSD, Mobile banking apps, PoS, ATMs, and web and internet platforms.

Source: Legit.ng