The Central Bank of Nigeria (CBN) has directed OPay, PalmPay, and two other fintech companies to halt new customer onboarding until further notice.
The CBN has ordered OPay, PalmPay, Kuda Bank, and Moniepoint to stop new customer onboarding due to allegations of illicit forex transactions. The directive came after the EFCC blocked 1,146 accounts. While fintechs claim the focus is unfair, the CBN is conducting an audit of their KYC processes. Talks were held with the CBN and NSA representatives. Only 10% of blocked accounts are linked to fintechs. The CBN did not respond immediately.
