GTCO’s fintech HabariPay begins recovery of ₦1.1 billion sent to customers in error
- HabariPay initiates legal process to recover ₦1.1 billion erroneously sent.
- Federal high court grants application to restrict accounts involved.
- Double credit incident attributed to hacking and human error.
The incident involving HabariPay raises critical concerns about the security measures in place within Nigeria's fintech sector. It highlights the need for stronger fraud prevention strategies and faster legal recourse for financial institutions to mitigate losses from such errors. The increasing rate of fraud also calls for a comprehensive review of regulatory frameworks to protect consumers and businesses alike.
