Moniepoint, OPay, PalmPay responded to 2024 ban with better data collection and compliance
- Nigerian fintechs faced fines and a six-week ban on onboarding new users due to compliance issues.
- The Central Bank of Nigeria (CBN) retired 18 directors, leading to a shift in regulatory stance.
- Fintechs enhanced data collection practices and reporting to the Nigerian Financial Intelligence Unit (NFIU).
The proactive measures taken by Nigerian fintechs to enhance compliance and security reflect a commitment to integrity and customer safety. However, the impact on user experience raises concerns that should be addressed to maintain customer trust while ensuring regulatory compliance.
