Nonso Uchendu, a Lagos resident, has narrated how his N10,200 went missing between his Zenith Bank account and a POS terminal on October 17.

Uchendu, speaking with FIJ on Tuesday, said he tried to make a withdrawal of N10,000 (with an added N200 charge) from a POS terminal, but the transaction was not processed.

Zenith Bank debited N10,200 from Uchendu’s account for the transaction that was not processed.

When Uchendu wrote to his bank, Zenith Bank made him wait for about three weeks before telling him to return to the POS merchant whose terminal he used for the transaction.

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“On August 17, I went to a POS terminal around Ikeja to make a withdrawal. I wanted to withdraw N10,000 so I should have received a debit alert of N10,200 including charges. The transaction failed and I received a receipt which showed this,” Uchendu told FIJ on Tuesday.

“The POS agent advised me to take the receipt as proof to show my bank. This will let Zenith Bank process a reversal for me. I sent a mail to Zenith Bank immediately explaining how the transaction was not processed and I was debited. The bank said that it was investigating.

“After weeks of investigating, Zenith Bank told me that the merchant received the money. They told me to go back to inform the POS merchant.”

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Uchendu told FIJ that he was not satisfied with the way Zenith Bank handled the case of his missing funds. He believes the bank should be able to liaise with the financial institution supporting the POS merchant.

The receipt from the POS merchant shows that the transaction was not processed. Uchendu told FIJ that Zenith Bank only claims the POS merchant received the money.

“But what if the merchant insists that they did not receive the money? We have the receipt which shows that the transaction failed,” Uchendu said.