Telecommunications MTN has reportedly taken 18 Nigerian banks to court over a ₦22.3 billion mobile money fraud.
MTN is alleging that its recently-licensed mobile money Payment Service Bank, MoMo, has suffered a fraudulent loss from its partner banks.
MTN claims that the amount was transferred in error to 8,000 accounts maintained by the 18 banks’ customers.
Chief Executive Officer of MoMo PSB, Anthony Usoro Usoro, also claimed that the fraud was committed over a total of 700,000 transactions, over a one-month period.
The CEO also mentioned that it was resorting to legal action upon the banks’ insistence that only court orders could bring an action for reversal.