Nigerian fintechs ramp up compliance hiring months after customer onboarding ban
Kuda Bank, Moniepoint, OPay, and Palmpay expand compliance teams after central bank's April ban. Moniepoint hired five new transaction monitoring team members, including former OPay and Flutterwave employees.
CBN vs fintechs: What's really going on
The Central Bank of Nigeria (CBN) directed Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings. The Corporate Affairs Commission issued a directive mandating all Point of Sale (PoS) agents to register their businesses by July 7 or risk shut down.
Nigerian Fintech Companies Face Account Opening Restrictions Amid Fraud Crackdown
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.
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.
The Clash Between Nigeria’s Banks & Fintech Upstarts Over Fraud Continues To Escalate
Wema Bank suspends fintech partners from its payment gateway platform to combat fraud. Reported losses to fraud in the fintech industry amount to NGN 685 M in 2023.
