The Central Bank of Nigeria has instructed mobile money providers, including fintech firms, to stop accepting new clients, causing concern among bank customers.
The Bank Customers Association of Nigeria has expressed support for the CBN’s directive.
Fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint will be affected by this new policy and cannot enroll new accounts until further notice.
The CBN’s decision is linked to an ongoing evaluation of the fintech companies’ Know-Your-Customer procedures. These companies have been under scrutiny in recent months due to concerns about money laundering and terrorist financing.
Last week, the CBN reportedly summoned leaders of fintech firms to Abuja for discussions on KYC-related issues.
The CBN has not publicly commented on the directive to fintech firms, and The PUNCH was unable to reach the apex bank for a response.
