OPay, Moniepoint, to Resume Onboarding New Customers.
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers in a few months. CBN Governor Olayemi Cardoso made this statement during the 295th Monetary Policy Committee meeting in Abuja, where the interest rate was raised from 24.75% to 26.25%.
Cardoso explained that the CBN had engaged with these firms to strengthen their operations and implement measures to prevent money laundering and illicit financial flows. These remedial actions are expected to reinforce the sector’s regulatory framework.
In April, the CBN halted fintech companies from onboarding new customers, which was interpreted as a clampdown. However, Cardoso clarified that this was not a targeted action against fintechs but a necessary regulatory step due to the rapid growth of the sector and concerns over illicit financial activities.
The CBN, in collaboration with security agencies, aims to enhance regulations and surveillance in the fintech sub-sector. Cardoso emphasized that no fintech licenses have been revoked and that the CBN supports the continued growth and strengthening of these companies.
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