CBN vs fintechs: What's really going on
- The Central Bank of Nigeria (CBN) directed Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings.
- The Corporate Affairs Commission issued a directive mandating all Point of Sale (PoS) agents to register their businesses by July 7 or risk shut down.
- There are claims of a 16-month salary delay at Bloc, a Banking as a Service startup, raising questions about wage theft and employee protection.
The actions taken by the Central Bank of Nigeria and the Corporate Affairs Commission have raised concerns about their impact on fintechs and PoS agents. The restrictions on new account openings and the mandate for PoS agents to register their businesses may hinder growth and disrupt operations. Additionally, the claims of a 16-month salary delay at Bloc highlight potential issues of wage theft and the need for better employee protection.
