Breaking: CBN gives fintechs go-ahead to begin onboarding new customers after weeks of pause
- The Central Bank of Nigeria has lifted a six-week ban on onboarding new customers imposed on five of the country’s most prominent fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint.
- The ban was initially imposed due to concerns about peer-to-peer crypto trading and the need for improved Know Your Customer (KYC) and fraud prevention measures.
- The fintechs will now be able to resume customer onboarding.
The lifting of the ban on customer onboarding for the fintech startups is a positive development for the industry. It allows the startups to resume growth and onboard new customers, which had been halted for six weeks. However, it is important for the fintechs to address the concerns raised about lax KYC measures and fraud prevention to ensure the long-term sustainability of their operations.
