Three weeks in the past, prospects’ accounts had been frozen and a message was despatched out by Zenith Financial institution to its prospects, asking them to refund the cash they transferred utilizing the App.
The Home of Representatives has resolved to probe Zenith Financial institution over the alleged freezing of the financial institution accounts of a few of its prospects.
This decision was a sequel to a movement of a matter of pressing public significance moved by Femi Bamishile (APC, Ekiti) on Wednesday throughout plenary.
Transferring the movement, Mr Bamishile knowledgeable the lawmakers that Zenith Financial institution has an App for the transaction of FX. In response to him, the app has been operating for years with no restrict cap on transactions.
He acknowledged that prospects of the financial institution have been utilizing the platform for transactions however that the app stopped lately.
Mr Bamishile mentioned shortly after the App stopped, the financial institution additionally froze the financial institution accounts of a number of the prospects utilizing the software program.
“This App has been ongoing for a time period, and there’s no cap to the restrict of cash that may be purchased or transferred both by a person or enterprise.
“Three weeks in the past prospects’ accounts had been frozen and a message was despatched out by Zenith Financial institution to their prospects, asking them to refund the cash they transferred utilizing the App,” he mentioned.
He cited a case of an unnamed man whom the financial institution is coercing to refund $100,000 after finishing up transactions by way of the App.
“A younger man was invited and detained by the Particular Fraud Unit. He was made to pay a $100,000 again to the financial institution and likewise made to offer an undertaken below duress stating that he made an unlawful transaction,” the legislator mentioned within the movement.
Mr Bamishile defined that Zenith Financial institution made cash from all transactions by way of the App, due to this fact, they need to be equally chargeable for any disruption.
Following the adoption of the movement, the Speaker, Abbas Tajudeen mandated the committee on Digital Banking to look into this problem and are available to an amicable decision.
The committee is to report again to the Home in two weeks.
