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Opay, Palmpay, Others Will Resume New Customer Enrollment Soon – CBN Announces



Opay, Palmpay, Others Will Resume New Customer Enrollment Soon – CBN Announces

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like Opay, Palmpay, Kuda, and Moniepoint Microfinance Banks, will resume enrolling new customers in a couple of months.

This disclosure was made by CBN Governor, Mr. Olayemi Cardoso, at the end of the 295th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, News About Nigeria reports.

According to Cardoso, the CBN has engaged with many players in the sector to strengthen their operations and prevent money laundering and illicit flows.

He stated that the CBN introduced measures to tighten the sector’s regulations, affecting both new and existing customers. However, he expressed confidence that these issues will be resolved in a couple of months, allowing the sector to return to its normal operations with a stronger regulatory framework.

When asked about the reason for stopping new customer onboarding in April, Cardoso clarified that reports of a clampdown on fintech firms were “furthest from the truth.”

He said that fintech firms have not been singled out for exceptional treatment and that the CBN is proud of their achievements. He assured them that the CBN would continue to support them while maintaining the necessary regulations and surveillance.

Cardoso also commented on the importance of regulation in the rapidly growing sector, citing concerns about illicit flows and money laundering, particularly in the non-traditional banking system. He referenced the issues with cryptocurrencies and the measures taken to prevent illegal activities.

In April, the CBN directed mobile money operators, including Moniepoint, OPay, Kuda Bank, and Palmpay, to restrict new account openings.

This followed the freezing of 1,146 bank accounts linked to unauthorised forex transactions.

Recently, the government has intensified its fight against fraud, with the Economic and Financial Crimes Commission (EFCC) obtaining an interim order to freeze bank accounts suspected of illegal foreign exchange transactions, money laundering, and terrorism financing.

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