Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges.
One such customer, Suleiman Abubakar Audu, shared his ordeal with PM News, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.
Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.
He further lamented that the situation has left him under significant financial stress.
Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”
He claimed that the bank also failed to provide any meaningful update.
Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”
However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.
Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.
“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.
Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.
“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.
Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.
He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I did request for it. I just ignored cos I know its a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”
These complaints come on the heels of a recent revelation by the Nigerian Police Force, which exposed ascam involving two Nigerians who stole over N400 million using Moniepoint profiles.
Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.
“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.
In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.
The affected individuals also called for prompt action to rectify the situation and prevent further hardship.
Source: Nairametrics
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