Moniepoint Holds On to UBA Customer’s N1.67m for 16 Months

Moniepoint, a fintech company in Nigeria, has continued to hold on to the N1,675,000 that Uchenna Akpa, an Anambra State-based trader, erroneously transferred to one of its customers.

While speaking with FIJ on the matter on Saturday morning, Akpa said Moniepoint had refused to return the sum to him despite all the efforts he made to recover it.

“Despite all the efforts I made in recovering my N1,675,000 from Moniepoint, the digital bank has refused to return the sum to me,” Akpa said on Saturday.

“The sad part is that the money itself belonged to customers who wanted to buy bags in bulk from me at our market.

“Since then, the customers have been on my neck for a refund. The incident has greatly distressed me. It has put me in serious debt for 16 months.

“I am just a petty trader who depends on the little profit I make to survive. Despite obtaining a court order so as to quickly get the issue resolved, Moniepoint has refused to send the money back to UBA, my bank.”

BACKGROUND

In May 2025, FIJ reported how Akpa made the erroneous transfer to the Moniepoint account.

Akpa had made the erroneous transfer from his United Bank for Africa (UBA) account on September 7, 2024.

A few days after he made the error, he obtained a court order so that the money could be recovered from the Moniepoint account that received it and sent back to his UBA account.

UBA later confirmed to him that the court order had been submitted to Moniepoint for review and a possible reversal of the sum.

Since then, Moniepoint has failed to send the money to the petty trader’s account.

When FIJ emailed Moniepoint to ask about Akpa’s complaint at the time, Felix Egbuna, one of the fintech company’s officials, issued a response saying Akpa should be advised to contact his bank (UBA) with details of the transaction and the court order so that the complaint could be officially forwarded to his institution for proper investigation.

Going by Akpa’s account of events, however, UBA had already contacted Moniepoint and sent the customer’s court order regarding the same transaction to the digital bank in late 2024.

When FIJ again sent another email to Moniepoint on Saturday, reminding it that a reversal of the sum had still not been made to Akpa’s account, Constancia Onyediri, yet another of its officials, responded:

“Kindly reach out to the account holder to contact their bank with the transaction details and the relevant court order [sic]. This will enable the bank to formally reach out to us at Moniepoint for further investigation of the account.

“Once we receive correspondence from the bank, our team will proceed with a comprehensive review of the Moniepoint account to support the recovery of funds.”

Just like Egbuna, Onyediri also failed to check with the relevant unit within Moniepoint to confirm whether UBA had indeed sent the court order to the digital bank or not.