CBN stops Opay, Palmpay, Moniepoint, Kuda from registering more customers

The Central Bank of Nigeria has ban four mobile money and fintech firms from registering more customers.

The directive spread panic among Nigerian customers.

The new directive will affect Opay, Palmpay Kuda Bank and Moniepoint, from opening new accounts until further notice.

The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns over money laundering and terrorism financing.

It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.

The CBN has not yet publicly commented on the directive to the fintech firms.

However, representatives of the three affected fintech companies said the issues in question affected mainly the big commercial banks.