By Emmanuel Udom
Anthony Balogun, a 45-year-old indigene of Osun State, is a hustler and investor based in Lagos.
While some people spend their money on gambling, women, or drinking, Balogun says he prefers to invest his hard-earned money in Shara Mutual Funds and a money market fund, rather than in Baba Ijebu.
His words: “In hard and good times, I depend on my investments for survival.”
However, last week, Balogun told our correspondent that he was frustrated and acted recklessly after several failed attempts on different days to either subscribe to or redeem from his money market fund with AXA Mansard Insurance, a top-rated insurance company with global reach.
According to him, the company’s USSD platform performed below expectations, as some purchase and sale transactions could not be processed.
It could be recalled that, like most banks, insurance companies, and other corporate agencies, AXA Mansard had recently informed its millions of subscribers about planned maintenance on its facilities. Still, Balogun cautioned that after making a payment via POS transfer near his residence, the money was reversed by the insurance company, and the operator refunded him.
He further warned that the erratic and unreliable USSD and online banking systems could expose customers to fraud, particularly through criminally minded and unregistered POS operators lurking everywhere.
Transaction documents sighted by our correspondent showed that some purchase and sale transactions were sent to Balogun’s customised account with Rand Merchant Bank, while redemptions failed to reflect in his personal bank account.
Independent investigation revealed that AXA Mansard Insurance may not be alone in facing issues with its USSD platform.
Most banks, insurance companies, and related institutions are reportedly experiencing similar challenges with online banking transactions.
A banker at Zenith Bank on Oba Akran Street in Ikeja attributed the issues to factors such as epileptic power supply, weather conditions, telecommunications infrastructure, government policies, and criminal activities.
Balogun, an entrepreneur whose POS shop is located at SMCC Complex, built by St. Mary Catholic Church, Alaja, Ifo, Ogun State, advised unregistered POS operators with criminal tendencies not to exploit the difficulties in online banking to divert reversed transfers into their private accounts, warning that law enforcement agencies are on alert.
