REVEALED: Why CBN Banned Opay, Moniepoint, Others From Opening New Accounts | Read Details
The Central Bank of Nigeria, CBN has banned mobile money operators including fintech firms from onboarding new customers.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.
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The CBN’s directive is reportedly linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
