CBN Order Opay, Moniepoint Others To Stop Admitting New Customers

Post created on 10:12 am

The Central Bank of Nigeria, CBN, has given a new directive that all fintech operations be put on hold pending the outcome of their investigation.

The notice said, that Kuda, Opay, Moniepoint, and Palmpay should stop admitting new customers until further notice when they have been cleared from fraudulent activities linked to the four companies.

An allegation was laid on the four fintech companies by the Economic and Financial Crimes Commission, EFCC, that there have been illicit forex transactions carried out by its customers.

One thousand one hundred and forty-six bank accounts were blocked by the EFCC, therefore leading to the denial of new signups by new customers.