Exclusive: How a six-week freeze on customer onboarding slowed card demand for OPay and Moniepoint
- Nigeria's central bank's freeze on customer onboarding led to a decline in card demand for Opay and Moniepoint.
- Opay and Moniepoint reduced the number of cards dispensed to agents.
- Card adoption is slowing as transfer speeds improve and businesses increasingly accept bank transfers.
The decline in card demand for Opay and Moniepoint due to the central bank's freeze on customer onboarding is a significant setback for these fintechs. The slowing growth of card adoption can be attributed to the increasing convenience and acceptance of bank transfers. Fintechs may need to explore alternative customer acquisition strategies to overcome this challenge.
