African payments giant, Interswitch, has lost as much as ₦30 billion as a result of a system bug that allowed certain merchants to submit and receive false chargebacks.
The company has reported the scam to Nigeria’s anti-money laundering body, the Economic and Financial Crimes Commission, and is currently attempting to retrieve the monies through legal action. According to TechCabal, Interswitch has so far recovered just over ₦10 billion.
According to the court records, Interswitch submitted a motion over the alleged bank accounts.
The payments giant has also asked 54 banks to impose limitations on hundreds of suspicious bank accounts until the investigation and recovery process are finished. at least one person has been taken into custody in relation to the incident.
