Trouble for Moniepoint as Nigerian Woman Sues Fintech N50m For Unauthorised Account Opening
- Olokunjuwon sues Moniepoint for allegedly opening accounts without her consent, breaching her privacy rights
- She demands N50 million in damages and immediate closure of the accounts linked to her personal information
- Court proceedings await, raising critical questions on fintech data protection and customer verification in Nigeria
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
A legal dispute has emerged between Ibadan-based Abiodun Olokunjuwon and Moniepoint Microfinance Bank Ltd over the alleged opening of bank accounts without her consent.
Olokunjuwon filed suit number M1W/014/2026 on February 11, 2026, before the High Court of Oyo State, Ibadan Judicial Division.
Source: Facebook
In her court filings, she claims the fintech institution opened and operated two separate accounts in her name using her National Identification Number and Bank Verification Number without her knowledge or approval.
According to the claimant, the accounts were created without adequate identity verification or security checks. She contends that she did not initiate or authorise the account openings at any time.
Claims of privacy and data protection breach
In the suit, Olokunjuwon argues that the alleged actions amount to a violation of her constitutional right to privacy as guaranteed under Section 37 of the 1999 Constitution of the Federal Republic of Nigeria.
She further maintains that the processing of her personal data, including her NIN and BVN, was unlawful and inconsistent with provisions of the Nigeria Data Protection Act, 2023. Specifically, she cited Sections 24(1)(a), (e) and (f), as well as Section 24(3) of the Act, alongside Article 32(1) of the NDPA General Application and Implementation Directive 2025.
The claimant asserts that the disputed accounts were later used for transactions by an unidentified third party.
She alleges that this development led to restrictions being placed on her legitimate bank accounts, causing disruption and reputational harm.
Reliefs sought
Olokunjuwon is asking the court to make several declarations and orders. Among them is a request for a declaration that the alleged opening and operation of the accounts constituted unlawful and unauthorised processing of her personal data.
She is also seeking an order directing Moniepoint to immediately and permanently close the two accounts in question.
In addition, she wants the bank to be compelled to delete all personal information linked to the accounts, including her NIN, BVN and phone number, from its records.
The claimant is demanding general damages of N50 million for what she describes as the breach of her right to privacy and data protection. She is also requesting N500,000 to cover the cost of instituting the legal action.
Awaiting court proceedings
As of the time of filing this report, no hearing date has been scheduled for the matter.
Moniepoint has yet to publicly respond to the allegations contained in the suit or respond to an email sent by Legit.ng seeking clarification on the issue.
The case adds to ongoing conversations around data protection compliance and customer verification processes within Nigeria’s rapidly expanding fintech sector.
Source: UGC
With increased reliance on digital platforms for financial services, questions around identity verification, data security and consumer rights continue to attract regulatory and judicial scrutiny.
The outcome of the case may provide further clarity on how courts interpret obligations under the Nigeria Data Protection Act and the responsibilities of financial technology institutions in safeguarding customer information.
CBN grants national licence to Opay, Moniepoint, Others
Legit.ng earlier reported that The Central Bank of Nigeria (CBN) has approved a nationwide operating licence for several financial technology firms and microfinance banks, allowing them to conduct business across all states of the federation.
The decision covers leading digital payment providers such as Opay and Moniepoint, as well as other fintech companies and microfinance institutions that previously functioned under state or regional authorisations.
This regulatory upgrade represents a significant shift in Nigeria’s financial services sector, signalling the CBN’s intention to expand access to digital banking solutions nationwide, The Nation reports.
Source: Legit.ng
