Exclusive: CBN directs four fintechs to stop onboarding new customers
- Kuda Bank, Moniepoint, OPay, and Palmpay have paused account opening for new customers following a directive from the Central Bank of Nigeria.
- The directive came two days after the EFCC blocked 1,146 bank accounts involved in unauthorized forex dealings.
- Fintechs have faced increased scrutiny over their account opening processes, leading to the temporary pause.
The temporary pause in account opening for fintechs by the Central Bank of Nigeria is a significant development that highlights the increased scrutiny and regulatory challenges faced by the fintech industry. The directive is likely a response to concerns about lax KYC processes and unauthorized forex dealings. It also reflects the CBN's efforts to address issues related to the manipulation of the naira and the disruption of the FX market.
