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.
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.
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.
