Central Bank of Nigeria instructs fintech companies OPay, Palmpay, Kuda Bank, and Moniepoint to halt new customer onboarding over alleged illicit forex transactions.
The Central Bank of Nigeria (CBN) has instructed fintech companies OPay, Palmpay, Kuda Bank, and Moniepoint to halt the onboarding of new customers due to allegations of their accounts being used for illicit foreign exchange transactions. The companies claim that most of the accounts in question are linked to commercial banks rather than fintech companies, which may indicate that the CBN's directive could be misguided. The CBN's directive follows reports of accounts allegedly being used for illegal forex dealings.
April 29, 2024
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