These money banks operates as microfinance banks without any visible branch for dispute resolution should any transaction error occur leaving the possible defrauded customer at their own mercy.
Recently, the increase of licensed money banks as the chose to be called has increased drastically resulting to flooding of the nation with POS device with charges high enough to turn off potential users from making use of the cashless device for transaction.
The CBN has not provided the public with the agency responsible for the settlement these transaction from money/business banks like NIBSS are known for interbank settlement.
As it stands, it appears that the money bank operators are their own settlement institution owing to the fact that most of them has been operating as backdoor interbank settlement agencies for commercial banks.
The problem is most of these licensed business banks have no traceable offices should any case of fraud be seen. This fraud could be in harvesting of customers card details which an agent who enrolled me in the platform could not debunk but affirm it is possible while still assuring me of the security of his own money bank that he operate with.
This I consider as double standard.
While we are working towards a cashless economy as a nation, the CBN has not done well in assuring the public of the safety of their details from these business banks, the safety of their money in these business banks accounts and the guaranty of favourable resolution of dispute should such issue arise with these business banks. With these, I think the business banks are a time bomb waiting not to explode but to strike.
My suggestion to these possible flaws is for CBN to allow the operations of these money banks to be domiciled in a state with trace able office. and should it want to operate in more states, they should be licensed separately in each of the state of interest with staff who will be first contact by customers within the state for dispute resolution and tracing of agents involved in data leakages to fraudsters.
CBN should also consider the work done by these money banks in the sense that they are reducing the volume of mints in circulation and saving the nation huge expenditure in currency minting and cut down on license dues while making sure that charges are capped and at minimal level so it won't be a problem to the citizens who are not willing to make use of these channel of payments because of the charges.
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