By Zailani Mustapha Financial services technology firm Moniepoint plans to lay off over a thousand Business Relationship Managers (BRMs) f...
By Zailani Mustapha
Financial
services technology firm Moniepoint plans to lay off over a thousand Business
Relationship Managers (BRMs) from its operations in Northern Nigeria. This
decision follows allegations that the employees failed to verify customers’ physical
addresses as mandated by the Central Bank of Nigeria (CBN).
Anonymous
sources within Moniepoint alleged that the company has been irresponsive to
their concerns and accuse the firm of betrayal.
The
CBN has issued a directive requiring all fintech companies to verify the addresses
of all account holders.
One
anonymous Moniepoint BRM from the north explained to our correspondent, “Initially,
we received no training on how to conduct these verifications. We were simply
given a list of customers to verify. We started by identifying and verifying
addresses, but due to the difficulty of visiting each customer’s physical
address, we verified multiple customers in a single location. We were unaware
that it was necessary to visit each address individually.”
He
continued, “I believe we should be excused for the lack of training. We should
have received warnings or queries before being laid off. Now, they are
dismissing everyone who conducted address verifications incorrectly.”
Investigations
revealed that BRMs in the north are more frequently making these errors
compared to their southern counterparts.
There
are indications that some individuals are pushing to meet with Tosin
Eniolorunda, Moniepoint's founder and CEO, to argue for leniency. They believe
the current dismissal process is too harsh for an issue that could have been
resolved with proper training.
Reports
indicate that if this action proceeds, it will affect over a thousand BRMs. The
anonymous source warned.
“The
dismissal of these BRMs will negatively impact Moniepoint’s presence in the
region. Many account holders and agents may switch to competitors”, the source
noted.
“BRMs
have played a critical role in expanding Moniepoint's presence in the north,
contributing significantly to its acceptance in the region”.
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