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OPay, Palmpay, others to resume onboarding of new customers soon — CBN

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The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like Opay, Palmpay, Kuda and Moniepoint Microfinance Banks will resume enrolling new customers in a couple of months.

Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria disclose this at the end of 295th Monetary Policy Committee (MPC) meeting of the apex Bank in Abuja on Tuesday.

According to Cardoso, the CBN has been collaborating with these operators to enhance their operational frameworks to mitigate risks related to money laundering and illicit financial flows.

He added that the CBN has introduced remedial measures aimed at tightening the onboarding processes and managing the existing customer base more effectively.

“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past, and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” said Cardoso.

In April, the CBN had prohibited fintech companies from onboarding new customers, which was interpreted as a crackdown on the financial sub-sector.

However, Cardoso clarified that this decision was not a crackdown but a necessary measure to address regulatory concerns.

 

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