Momo Payment Service Bank Limited (MPSBL), a banking subsidiary of MTN Nigeria Communications Plc, has urged the Federal High Court to compel 18 commercial banks to refund about N23 billion to their customers.
The money, according to MPSBL, was erroneously transferred in 700,000 transactions into about 8,000 accounts belonging to the customers.
They also urged the court to order the banks to provide information about the customers into whose accounts the funds were mistakenly paid.
The requests form part of the reliefs in a suit filed by MPSBL through its lawyer, Lotana Okoli (SAN).
MPSBL averred that under the Central Bank of Nigeria (CBN) Regulation on Instant (Inter-Bank) Electronic Funds Transfer Services, made under sections 2(D), 33(1)6) and 47(2) of the CBN Act 2007, it is incumbent on the banks to make refunds and provide the required information.
The affected banks, listed as defendants in the suit, are Access Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Heritage Bank, Polaris Bank, Providus Bank, StanbicIBTC, Standard Chartered, Sterling Bank, Suntrust Bank, Union Bank, United Bank for Africa, Unity Bank, Wema Bank, and Zenith Bank.
