A businessman, known as AIS_Savita, took to social media to voice his grievance against Moniepoint Microfinance Bank, alleging that the bank restricted his account despite holding a credit balance of N700 million. AIS_Savita, in a video shared on Tuesday, claimed that he had conducted transactions totaling nearly N700 million with Moniepoint MFB over four months before his account was inexplicably restricted. Despite numerous attempts to ascertain the reason for the restriction, AIS_Savita stated that he received no satisfactory explanation from the bank.
Presenting evidence from his transaction history, AIS_Savita refuted any irregularities and expressed concerns that the bank’s actions could disrupt his business operations. He called on the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to investigate the matter thoroughly, alleging potential financial fraud on the part of Moniepoint MFB. AIS_Savita urged other account holders to remain vigilant and called for greater scrutiny of the bank’s practices to prevent similar incidents.
In response to the allegations, Moniepoint MFB acknowledged the issue via its X handle and stated that AIS_Savita’s account was flagged for a transaction, with a promise to review the situation and provide feedback after reconciliation. Efforts to obtain comments from the CBN regarding the matter were unsuccessful at the time of reporting.
The incident highlights growing concerns over transparency and accountability in financial institutions and underscores the importance of regulatory oversight to ensure the integrity of banking practices.
