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CBN Reveals When Opay And Others Will Resume New Customer Enrolment

CBN To Retain High Interest Rates To Curb Inflation - Cardoso
The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers in the next two months.

Gatekeepers News reports that the development comes after the CBN halted new customer onboarding for fintech companies in April, citing concerns over money laundering and illicit flows.

CBN Governor, Olayemi Cardoso, made the announcement on Tuesday at the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate was increased from 24.75% to 26.25%.

Cardoso emphasized that the CBN has engaged with fintech players to strengthen their operations and prevent illicit activities.

“We have had a major handshake with security agencies to identify areas to tighten regulations and surveillance in the sub-sector,” Cardoso said.

“We are not clamping down on fintech firms; we are proud of their exploits and will continue to support and strengthen them. However, regulation is critical in a sector that has grown rapidly.”

The CBN chief noted that the apex bank has not revoked the licenses of any fintech organizations and is working to ensure the sector operates with a stronger regulatory framework.

“I am confident that in another couple of months, all these will be a thing of the past, and the sector will go back to what they’ve been known to do before, but with a stronger regulatory framework,” Cardoso said.

The CBN’s move to halt new customer onboarding for fintech firms was seen as a clampdown on the financial sub-sector.

However, Cardoso clarified that the CBN is committed to supporting fintech firms while ensuring the sector operates within a robust regulatory environment.

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