Nigerian fintech startups could spend over $1 million on KYC address verification
Fintech startups in Nigeria must physically verify the addresses of POS agents and all other customers as part of new KYC processes. The cost of verifying POS agents could be expensive, with startups potentially paying up to ₦1000 ($0.40) per agent.
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 Kno
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.
Exclusive: One month after ban on onboarding new customers, fintechs and regulators talks continue
Five Nigerian neobanks, including Moniepoint, OPay, Palmpay, Kuda, and Paga, are still unable to onboard new customers one month after a ban was imposed. The neobanks have been in talks with regulators, including the National Security Adviser, the Economic and Financial Crimes Commission, and the Ce
Exclusive: P2P crypto ban imminent as Nigeria calls crypto a national security issue
Moniepoint, Paga, and Palmpay will block cryptocurrency transactions and report them to law enforcement. A new regulation to ban peer-to-peer trading of cryptocurrencies is in the works.
