Moniepoint Microfinance Bank, a fintech company that provides an all-in-one payments, banking and operations platform for businesses, has said it is not resting on its oars to ensure the customers enjoy seamless banking experience. Â
Recall that Fidelity Bank, a Nigerian commercial bank, blocked neobanks like OPay, Palmpay, Kuda, and Moniepoint over Know Your Customer (KYC) concerns.
By implication, the Nigerian commercial bank Fidelity Bank is restricting consumer fund transfers to neobanks, including Moniepoint, Kuda, OPay, and PalmPay, said multiple sources with direct knowledge of the matter.
According to a Techcabal report, a week ago, a small number of customers first noticed that these neobanks were no longer listed on the list of approved financial institutions on the Fidelity Bank app. At least five sources have now confirmed the development.
The affected digital financial services remain unavailable for selection on Fidelity Bank’s mobile app at press time. While the bank informed customers that the restrictions were related to an app upgrade, two people with direct knowledge of the matter and other sources at the affected fintechs told a different story.
Speaking on the matter, Mr. Bemigho Awala, the PR Manager at Moniepoint Inc., said that security is one of the cardinal points of Moniepoint’s operations hence they have a water-tight security system.
Awala, who was speaking at NITRA Fintech Forum today said the company said the Fintech company has opened discussions with the Fidelity Bank’s team to resolve the pending issues.
He assured the customers that Moniepoint will continue to ensure the systems are protected against fraud.
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