A Nigerian businessman, who goes by the online pseudonym AIS_Savita, recently accused Moniepoint Microfinance Bank of restricting his account without any prior warning or explanation. The account contained a considerable balance of N700 million, and the sudden freeze has raised concerns about the accessibility of his funds and the potential impact on his business operations.
According to AIS_Savita, he had conducted nearly N700 million worth of transactions with Moniepoint within four months before the restriction. This transaction history suggests that there was a legitimate business relationship between AIS_Savita and the bank. Despite this, efforts to communicate with Moniepoint and understand the reason for the restriction have been unsuccessful, which has heightened AIS_Savita’s concerns and prompted him to seek intervention from regulatory bodies.
AIS_Savita maintains that his transaction history with Moniepoint is free of any irregularities, and there is no evidence to justify Moniepoint’s claim of suspicious activity that they may have used as a reason for the restriction. The businessman fears that the restriction of his account with N700 million will have a crippling effect on his business operations. Access to these funds is likely essential for him to meet financial obligations and conduct day-to-day business activities. He is understandably demanding transparency and accountability from Moniepoint regarding the restriction.
Given the unusual circumstances surrounding the account restriction, AIS_Savita suggests that Moniepoint’s actions may be a form of financial fraud. He has urged the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to launch an investigation into the matter. A thorough investigation would not only address AIS_Savita’s concerns but also serve to protect other Moniepoint account holders from similar incidents.
AIS_Savita’s experience serves as a cautionary tale for other Moniepoint account holders. He advises them to be vigilant and aware of the possibility of similar account restrictions. In light of this incident, AIS_Savita believes that stricter oversight of Moniepoint’s practices is necessary to prevent future occurrences and ensure the safety of customer funds.
