LAGOS, NIGERIA — Following the collapse of the “EMAAR” digital investment platform, a group of affected investors has announced plans to pursue a class-action lawsuit involving Moniepoint Microfinance Bank, citing concerns over transaction monitoring and user protection.

The prospective legal action is based on claims that Moniepoint provided financial services linked to accounts allegedly used by operators of the EMAAR platform, through which funds from thousands of users were processed. The investors say they are seeking judicial clarification on the responsibilities of financial institutions in similar circumstances.

According to reports by Saturday PUNCH, a Moniepoint merchant account operating under the name “CreditB-24H” was reportedly used as a collection channel by EMAAR. Many participants believed they were investing in a real estate-related opportunity. The platform ceased operations on October 27, 2025, resulting in financial losses for users across the country.

Concerns Raised by Investors

Representatives of the affected investors have expressed concerns on social media, using hashtags such as #HoldMoniepointAccountable, questioning the effectiveness of existing Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures within the financial ecosystem.

They argue that the volume and frequency of transactions associated with the merchant account should have prompted enhanced scrutiny, including temporary transaction restrictions, pending further verification.

Calls for Regulatory Review

Legal representatives for the investors say the case raises broader issues about regulatory oversight within Nigeria’s rapidly growing fintech sector. They have called on relevant authorities, including the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), to review compliance processes across financial institutions involved in merchant onboarding and transaction monitoring.

The investors’ team also warned that repeated incidents involving failed investment platforms could affect public confidence in formal financial systems, potentially undermining financial inclusion efforts.

As part of their demands, the investors are requesting a forensic review of the transaction processes associated with the disputed merchant accounts, stressing that their aim is accountability and improved safeguards rather than assigning criminal liability at this stage.

In a joint statement, the group said the action is intended to encourage stronger consumer protection frameworks and ensure clearer responsibilities for financial service providers when handling merchant accounts.

Background on EMAAR Platform

EMAAR operated as an online investment platform that emerged in mid-2025, advertising short-term returns linked to real estate investments. The platform stopped operations in October 2025. Investor groups estimate that more than 4,000 individuals were affected, though investigations into the matter are ongoing.

Moniepoint Microfinance Bank has not been formally adjudged liable in the matter, and the issues raised remain subject to legal and regulatory review.