Nigerian fintechs rush to reassure users as misinformation spreads over regulatory clampdown
- Nigerian fintechs such as OPay, PalmPay, and PiggyVest’s Pocket App each operate with a mobile money license.
- Paystack announced its partnership with Titan Trust Bank to offer virtual accounts and terminals allowing merchants to accept payments with bank transfers.
- The memo from NIBSS has triggered misinformation in Nigeria’s public space, causing confusion about which companies will be affected by the order.
The memo from NIBSS requesting the delisting of unlicensed fintechs from directly accepting consumer deposits has caused confusion and misinformation. While some companies have reassured customers that they are not affected, the purge of unapproved institutions may still occur. It remains to be seen if further enforcement action will be taken.
