CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation
- CBN fines Moniepoint and OPay ₦1 billion each in Q2 2024.
- Routine CBN audit reveals compliance issues in fintech sector.
- At least four other fintech companies also penalized.
The increasing fines and regulatory scrutiny from the CBN highlight a critical need for fintech companies to adapt to evolving compliance requirements. While regulation is essential for consumer protection, the current licensing framework appears inadequate for the scale of operations of these fintech giants, potentially stifling innovation in a rapidly growing sector. A more balanced approach that fosters growth while ensuring compliance could benefit both the fintech industry and the regulatory bodies.
