Security breach: MTN subsidiary heads to court, seeks refund of N22bn from 18 banks
Momo Payment Service Bank Limited (Momo PSB), the fintech subsidiary of MTN Nigeria, has dragged 18 commercial banks to court to retrieve N22.3 billion “erroneously transferred to 8,000 bank customers”. The company said the erroneous transfers were due to “system exploitation”. According to reports, MoMo PSB experienced a major security breach barely a week after…