Moniepoint Confronts Major Legal Challenge Over Data Privacy Breach
A significant legal battle has erupted in Nigeria's financial technology sector as Moniepoint Microfinance Bank Ltd faces a substantial lawsuit from an Ibadan resident. Abiodun Olokunjuwon has initiated legal proceedings against the prominent fintech institution, alleging serious violations of her privacy and data protection rights through unauthorized account creation.
The Core Allegations Against the Fintech Giant
According to court documents filed on February 11, 2026, Olokunjuwon claims that Moniepoint opened and operated two separate bank accounts in her name without her knowledge or approval. The lawsuit, registered as M1W/014/2026 before the High Court of Oyo State's Ibadan Judicial Division, asserts that the financial institution utilized her National Identification Number and Bank Verification Number to establish these accounts.
The claimant maintains that she never initiated or authorized these account openings at any point, raising serious questions about Moniepoint's identity verification and security protocols. She further alleges that the disputed accounts were subsequently used by unidentified third parties for transactions, leading to restrictions being placed on her legitimate bank accounts and causing significant disruption to her financial activities.
Legal Grounds and Constitutional Violations Cited
Olokunjuwon's legal team has built their case on multiple legal foundations, arguing that Moniepoint's alleged actions constitute a clear violation of her constitutional right to privacy as guaranteed under Section 37 of Nigeria's 1999 Constitution. The lawsuit specifically references the Nigeria Data Protection Act of 2023, citing Sections 24(1)(a), (e), and (f), along with Section 24(3) of the Act.
The claimant contends that the processing of her sensitive personal data, including her NIN and BVN, was conducted unlawfully and without proper legal basis, directly contravening established data protection principles. She has also invoked Article 32(1) of the NDPA General Application and Implementation Directive 2025 to strengthen her position regarding the alleged privacy breach.
Substantial Damages and Remedial Measures Sought
The legal action seeks comprehensive relief from the court, including several important declarations and orders. Olokunjuwon is requesting a formal declaration that Moniepoint's alleged account opening and operation constituted unlawful and unauthorized processing of her personal data under Nigerian law.
She has asked the court to order Moniepoint to immediately and permanently close the two disputed accounts and to delete all associated personal information from its records, including her NIN, BVN, and phone number. The financial compensation sought includes N50 million in general damages for the breach of her privacy and data protection rights, plus an additional N500,000 to cover legal costs associated with filing the lawsuit.
Broader Implications for Nigeria's Fintech Sector
This legal dispute emerges at a critical juncture for Nigeria's rapidly expanding financial technology industry. With digital platforms becoming increasingly central to financial services delivery, questions surrounding identity verification protocols, data security measures, and consumer protection mechanisms have gained heightened importance.
The case against Moniepoint represents a significant test for how Nigerian courts will interpret and apply the provisions of the relatively new Nigeria Data Protection Act. The outcome could establish important precedents regarding financial institutions' responsibilities in safeguarding customer information and complying with data protection regulations.
As of the latest reports, no hearing date has been scheduled for this matter, and Moniepoint has not issued any public response to the allegations. The fintech institution has also not responded to media inquiries seeking clarification about the specific claims made in the lawsuit.
This legal challenge coincides with Moniepoint's recent regulatory advancement, having received a nationwide operating licence from the Central Bank of Nigeria alongside other major fintech players like Opay. The contrast between regulatory approval and serious customer complaints highlights the complex landscape facing Nigeria's digital financial services sector as it balances rapid expansion with consumer protection obligations.
