In a move welcomed by Nigerian fintech users, the Central Bank of Nigeria (CBN) has lifted its ban on onboarding new customers for five prominent companies: OPay, Moniepoint, Kuda, Palmpay, and Paga. This comes roughly five weeks after the CBN halted new signups at these fintechs due to concerns about their accounts being involved in illegal foreign exchange transactions.
While the CBN hasn’t released an official statement regarding the reason for the ban, it coincided with the bank freezing over 1,000 accounts suspected of unauthorized forex activities in April 2024. OPay and Kuda confirmed the lifting of the ban directly to their customers on Monday.
This news signifies a return to normalcy for these fintech companies and allows them to expand their customer base again. It also suggests that the CBN is satisfied with the measures taken by the fintechs to address its concerns. This could indicate a more collaborative approach between financial regulators and fintechs in Nigeria moving forward.
Source: PUNCH