Moniepoint MFB Speaks on Alleged N1.1 Billion Theft by Hackers

• Moneipoint has denied reports that its microfinance bank, Moniepoin MFB, was hacked.
• The company revealed that the alleged hack and theft of N1.1 billion never happened and that depositors’ funds are safe
• Moniepoint revealed that the report, which began on social media was malicious and misleading

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Nigeria and Africa’s newest fintech unicorn, Moniepoint has debunked a report that hackers stole about N1.1 billion from Moniepoint Microfinance Bank (MfB), a subsidiary of Moniepoint Inc.

The fintech firms disclosed in a blog post that the report was malicious and misleading.

Moniepoint restates the safety of customers’ funds

According to the company, the alleged theft gained traction on social media, alleging that the company is facing operational challenges due to the hack.

“We categorically state that these claims are untrue, and we urge the public to disregard them in their entirety.

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Moniepoint MFB has always maintained the highest standards for digital security and customer fund protection. 

It stated that as a duly authorised and licensed financial institution, customer deposits with Moniepoint MFB are insured by Nigeria Deposit Insurance Corporation (NDIC), with the Central Bank of Nigeria (CBN) supervising and regulating its operations to ensure adherence to all applicable standards.

Moniepoint is now a fintech unicorn

The company, which recently gained unicorn status, is backed and supported by a network of investors including Visa, Development Partners International, Google’s Africa Investment Fund, and International Investment (BII), among other investors.

Moniepoint asserted that its banking subsidiary is liquid and in good financial standing with the CBN, urging Nigerians and depositors to ignore the reported hack.

It expressed its commitment to delivering the highest service standards driven by the strict regulations governing the industry, stating that it will continue to partner with regulators and other stakeholders to boost an environment of trust and collaboration.

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Moniepoint Group secures fresh investment from Visa

Legit.ng earlier reported that Moniepoint Inc. has secured new investment from an international leader in digital payments, Visa.

Co-founder and CEO of Moniepoint Group, Tosin Eniolorunda, announced this latest investment via his LinkedIn page.

The CEO noted that the partnership between Visa and Moniepoint group is a major leap for Moniepoint as well as the millions of small and medium-sized businesses (SMEs) that it serves.

Source: Legit.ng