Businessman Alleges Moniepoint MFB Restricted Account With N700m Balance, Calls For CBN and EFCC Intervention

A businessman, known as AIS_Savita on X (formerly Twitter), has lodged a complaint against Moniepoint Microfinance Bank, alleging the restriction of his account holding a credit balance of N700 million.

The businessman called on the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to intervene promptly.

In a video shared on Tuesday, AIS_Savita highlighted that he had conducted transactions totalling nearly N700 million with Moniepoint MFB within four months before his account was inexplicably restricted. Despite several attempts to ascertain the reason for the restriction, he was unsuccessful in obtaining a clear explanation from the bank.

Presenting evidence from his transaction history, AIS_Savita emphasized the absence of any irregular transactions, contrary to claims made 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.

In response to the complaint, Moniepoint MFB, through their official X handle @MoniepointNigeria, apologized for the inconvenience caused and stated that the account was flagged for a transaction. They assured the businessman that the lien would be reviewed after reconciliation and feedback provided.

Efforts by our correspondent to obtain reactions from the CBN remained unsuccessful as calls and messages sent to the Acting Director of Corporate Communications, CBN, Hakama Sidi-Ali, and the Assistant Director, Lekan Ajahi, were not responded to at the time of filing this report.

The incident has raised concerns about the practices of microfinance banks and the need for increased oversight and regulatory measures to protect the interests of account holders and businesses.