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OPay, Moniepoint, others to resume onboarding new customers ‘in months’ – CBN

THE Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech companies like OPay, Palmpay, Kuda Bank, and Moniepoint, will be allowed to onboard new customers again “in a couple of months.”

According to CBN Governor, Olayemi Cardoso, who made the statement today during the 295th Monetary Policy Committee (MPC) meeting in Abuja, when the MPC jacked up interest rate from 24.75 per cent to 26. 25 per cent.

Cardoso mentioned that the CBN has been in discussions with many industry players to enhance their operations and address concerns related to money laundering and illicit financial flows.

He added that remedial actions have been proposed to help tighten the onboarding processes and existing client bases within the sector.

He also expressed confidence that within a few months, the sector will overcome its challenges and operate under a stronger regulatory framework, allowing them to continue their operations like before.

Recall that in April, the CBN had halted fintech companies from accepting new customers, a move that was perceived as a regulatory measure within the financial sector.

Cardoso clarified that the decision was not targeted specifically at fintech companies and that the CBN continues to appreciate the valuable contributions of these firms.

The CBN noted that it is committed to supporting and strengthening the fintech industry through appropriate regulatory measures in response to concerns about illicit financial activities.

Cardoso further emphasized the importance of regulations in managing the rapid growth of the fintech sector and addressing issues such as money laundering and illicit flows. He also reassured that no licenses of fintech organizations have been revoked at the present time.

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