A lawsuit involving MTN Nigeria’s MoMo PSB and 18 Nigerian banks has been generating reactions from Nigerians. While reports say MoMo had dragged the banks to court to retrieve N22.3 billion “erroneously transferred to 8,000 bank customers”, many are blaming the banks for being tightfisted when it comes to refunding money.
Reacting to the report on Twitter, bank customers who had experienced difficulty in getting refunds for failed transactions said getting a reversal of funds from Nigerian banks could be very tough. Others are also accusing the banks of trying to stiffle innovations brought by the PSBs and fintechs.
However, in this case, the banks may not be the culprit as the money was said to have been transferred to customers’ accounts, some of whom may have withdrawn and spent the money.