FintechTechnology

MTN Momo Payment Service lost N22.3 billion following a security breach

MTN Nigeria subsidiary, Momo Payment Service Bank Limited lost N22.3 billion following a security breach on the fintech’s system, which forced the company to shutdown operation temporarily. The incident occurred on May 24, 2022, after Momo PSB processed 700,000 transactions, sending proceeds into about 8,000 third party accounts domiciled in 18 banks. Efforts to retrieve the fund has now…
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