Moniepoint Victims To File Landmark Lawsuit As “EMAAR” Ponzi Scheme Exposes Massive Regulatory Gap In Moniepoint.

A class-action lawsuit is being prepared against Moniepoint Microfinance Bank by investors who lost funds in the “EMAAR” digital investment platform, which collapsed in October 2025. The plaintiffs accuse Moniepoint of gross negligence and failing to adequately enforce “Know Your Customer” (KYC) and Anti-Money Laundering (AML) protocols, allowing over 4,000 Nigerians to be defrauded of billions of naira through a single Moniepoint account, “CreditB-24H.” The lawsuit argues that Moniepoint failed to flag suspicious transactions despite the platform’s lack of a physical address and virtual-only status.

The legal team warns that the failure of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to regulate fintechs like Moniepoint could erode public trust in the financial system and foster regulatory impunity. They point to the recent $200 million Series C funding round as potentially creating a “too big to care” attitude. The plaintiffs are demanding a forensic audit of Moniepoint’s merchant onboarding processes and accountability for the lost funds.

The EMAAR scheme promised high returns on real estate investments but crashed after collecting deposits through fintech accounts, primarily Moniepoint. The victims assert that the regulatory body must act to prevent similar tragedies and ensure that institutions like Moniepoint are held responsible for enabling fraudulent activities, rather than attributing them to “technical glitches.”

(Source：Independentng)