OPay secures court order to restrict customer accounts over ₦714 million glitch
Report said the glitch occurred from December 10, 2023, to March 4, 2024, and allowed customers to receive value for unsuccessful transactions.
OPay secures court order to restrict customer accounts over ₦714 million glitch
OPay, one of the leading fintech companies in Nigeria, has gotten an approval from a Federal High Court in Lagos to freeze customer bank accounts in thirty listed banks. This move is part of an effort to recover ₦714 million that customers received during a system glitch. The glitch occurred from December 10, 2023, to March 4, 2024, and allowed customers to receive value for unsuccessful transactions, according to court documents seen by TechCabal . After becoming aware of the issue, OPay contacted customers who had received sums above ₦500,000 via emails and phone calls. They requested these customers to fund their accounts so the retained funds could be debited immediately. This proactive step aimed to mitigate the financial impact of the glitch. Despite these efforts, the fintech was able to recover only 10% of the total amount from those customers. OPay stated in a court filing, “While some customers responded positively to the Applicant’s request and cooperated with the Applicant in …
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