How to block fintech accounts and cards in Nigeria when your phone is stolen
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When your phone is stolen, the most effective thing you should do is block your account to disable unauthorized transfer of your funds. On the other hand, if only your card is stolen or misplaced, you don't need to place a post no debit (PND) on your account; all you need to do is block the ATM card.
When your phone is stolen, blocking your account immediately is important because most banking apps and fintech platforms are tied directly to that device, and a thief with access to your unlocked phone or your SMS-based OTPs can initiate transfers, reset passwords, or authorize transactions before you even realize what's happening.
The SIM card is especially critical in this scenario because it's often the "master key" tied to your identity across multiple platforms—banks, fintech apps, and email accounts frequently use your phone number for one-time passwords (OTPs), account recovery, and two-factor authentication.
This means that even if a thief can't unlock your phone, they could remove your SIM, insert it into another device, or perform a SIM swap to intercept verification codes sent to your number, giving them the ability to reset your banking app's login credentials or approve transactions without ever touching your original device.
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Therefore, blocking your account when you lost your phone or when it's stolen as soon as possible cuts off this access route before it can be exploited. However, there are different ways fintech companies in Nigeria allow account holders to block their accounts. These methods vary per institution, and that's what I'm going to unveil in this article.
How to block your bank account when phone is stolen
Follow these steps to successfully stop debit transactions on your bank account when you misplaced your phone or when it's stolen:
OPay
To block your OPay account when phone is stolen: dial *955*131# from any other phone and follow the prompts to enter your account number. You will also be required to enter your PIN so that OPay can know you're the one performing the operation. In less than 10 seconds, your account will be temporarily blocked pending the time you provide some verification and documents to reactivate it.
On the other hand, if only your debit card is misplaced or stolen, you can simply dial *955*132# to block only the OPay debit card instead of blocking the entire account. You can simply unblock the card later in the OPay app, under the "Card" section, as shown in the image above. In addition to blocking your account, it's wise to also reach out to OPay customer service immediately to report the theft. You can call them directly at 07008888328 or 02018888328.
Palmpay
Immediately your phone got stolen, just dial *861# from any available phone, select Account Management, and then Lock Account for Others. You will need to enter your PalmPay account number and password to instantly lock your account. It's also important to note that Palmpay will charge N10 from your account to use the USSD banking service. Once your account is locked, no debit transactions—including card—will be facilitated.
Moniepoint
There are two external methods to block Moniepoint account when phone is stolen: via USSD banking on any available phone and via the platform's web app. If a friend or family member is helping to perform the USSD blocking in their phone, they can dial *5573*911#, select "Stop Debit Transactions," and choose "For Others." Here, you have to input your account number, and verify with your PIN. After that, your account will be placed on temporary debit restrictions.
On the other hand, you can also log in to your dashboard on Moniepoint Web on a computer or phone web browser using your username or email and password, and go to Settings to change your password, PIN, and phone number if possible. Alternatively, you can also contact the Moniepoint fraud desk customer support team at frauddesk@moniepoint.com to report the issue for urgent assistance.
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Final Notes
Another method to stop unauthorized debit transactions on your account when your phone is stolen is by logging in to the account through another person's phone. Just ask the person to allow you to log in to your account on the fintech app. If the particular fintech app is not installed on their phone, simply go to the phone's app store to download it. Once downloaded, log in to your account.
Many fintech companies like OPay and Palmpay now allow face verification as another means of accessing accounts. You can sign in using face verification without even needing an OTP from your stolen SIM. All you need to do is enter your phone number, your password, and complete the face verification.
Once you sign in, you can transfer all your funds to another bank account. You can also contact the customer support team in the app for immediate intervention. If it's easy to change your phone number on the app, change your phone number, your login password, and your transfer PIN.
However, if in one way or another you cannot block your account through any available phone, you can also call your mobile network (MTN, Airtel, Glo, or 9mobile) to deactivate your SIM card so that unauthorized users cannot receive your One-Time Password (OTP) or perform USSD transactions.
