Nigerian Fintech Companies Face Account Opening Restrictions Amid Fraud Crackdown
Tech In Africa | Sylvia Duruson - Apr 30, 2024
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PalmpayCentral Bank of NigeriaOPayKuda BankMoniepoint
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  • The Central Bank of Nigeria (CBN) has directed fintech firms like Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings.
  • 1,146 bank accounts linked to unauthorized forex transactions have been frozen.
  • Existing accounts with these fintechs remain operational.
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The Central Bank of Nigeria's directive to restrict new account openings for fintech firms is a response to the recent freezing of bank accounts involved in unauthorized forex transactions. This move aims to prevent further illegal activities and promote financial system stability. However, it may impact the growth and expansion of these fintech companies.
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