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Watch now to claim my new book on Effective Book Marketing Strategies.Is your money safe with Fintech apps? That is a question on the mind of many people.
I believe you will find the answer here in this post. You will know what the law says about Fintech apps and the safety of your money.
Related: Make Money with adsense
What are Fintech apps?
Fintech apps are apps that let you do money on your phone without going to the banks.
Popular examples of Fintech apps in Nigeria are:
- Opay
- Palmpay
- Moniepoint
- Kuda
- Fairmoney
Related: How to invest Money
Is your money safe with Fintech apps? What the law says
This what the law says about the safety of your money with Fintech apps:
Under CBN Framework for Mobile Money & PSB 2021, and CBN Regulation for Agency Banking:
1. Your Money in Opay, PalmPay, Moniepoint is NOT kept by them. By law, they MUST keep your money inside a big, licensed bank (called a Trust Fund Account). So your money is safe, even if the fintech crashes.
2. If you send money and it fails, or money disappears, the Fintech that you used to do the transaction MUST be the one to refund you FIRST. They cannot tell you “go to bank”. The law says the institution that initiates the transaction bears the liability.
3. They must reverse failed transaction within 24-48 hours. If they delay, you have right to report them directly to CBN.
Many Nigerians think because it’s Opay, their money is not protected like First Bank or GTB. That’s a LIE.
Whether it’s Opay, PalmPay, Moniepoint, Kuda, Paga – they are all under CBN license. Your money has the same legal protection.
What to do if your money disappears in Fintech apps
1. Don’t delete your transaction receipt/screenshot. That is your evidence.
2. Lodge a formal complaint INSIDE the app and get a Ticket ID.
3. Email them officially. If they don’t reverse in 48 hours, forward that same email to CBN Consumer Protection: cpd@cbn.gov.ng
4. Copy FCCPC too.
I can tell you for free – once you copy CBN, your money will return within 72 hours.
We are no longer in 2020. Don’t let any Fintech or Bank tell you story.
Next week, I will explain how Loan Apps can pay you MILLIONS if they defame you.
Have you lost money inside Opay, PalmPay or Moniepoint before? How did you get it back? Share in comments, let’s educate others.
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