I have been very consistent with my complete lack of trust in the modern day Fintechs – Opay, Palmpay, Moniepoint, etc.
I am a bit of a traditional person who believes in solid organizations with fully operational physical locations. This is because I know that one day of malfunction, can mess up 600 days of excellent service.
The first time my fear was confirmed was the day I wanted to send some money to an Uncle, but he refused to send account details. I sharply thought to check if his phone number is tied to an Opay account.
True to my assumption, his phone number had an Opay account and it fully verified his name. I made the transfer as a surprise and concluded he must have received.
About a week after, I teased him about the transfer to be sure he got it. That was when I discovered he never opened an Opay account by himself. It appears Opay opened several accounts with people’s data, and the accounts remain there, unknown to the ‘owners’, yet able to receive deposits.
We quickly downloaded the Opay app, logged in with his phone number, and transferred the money out. Now, imagine the possible number of such deposits lying in accounts created outside the knowledge of the supposed account owners.
It appears my fear is being confirmed again by Moniepoint’s issues yesterday. I am aware of a hanging debit to the tune of 400k that a bank released to Moniepoint, but has not dropped in the recipient’s account almost 24hours after.
Closely following in the footsteps of these Fintechs is GTB. Several transactions to and from them are hanging, many hours after.
As I said, I would rather keep my money with a proper bank. If problems arise, we meet in the banking hall if I can’t wait for online resolution.
Sighs!
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AT.
