Central Bank of Nigeria (CBN) has lifted its ban on OPay, Moniepoint, Kuda, Palmpay, and Paga. Therefore, the fintechs can resume onboarding new customers.
Gatekeepers News reports that the resolution came about five weeks ago after CBN banned them from onboarding new customers over concerns that their accounts were being used for illicit foreign exchange transactions.
Though the Apex bank hasn’t issued any official statement regarding the development, OPay and Kuda have confirmed the development through different messages to their customers on Monday.
OPay announced the development through a post on its official X account.
The post goes “We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users. This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities.”
Speaking on the issue that led to the ban, OPay stated that it strictly adheres to the approved KYC verification processes.
Opay further urged its customers to ensure that all accounts follow the due verification process, while all requirements are also fulfilled.
Also, Kuda announced the news to the public through a post on its social media platform.
It posted “As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place.”
“Based on the work we’ve done, we’ll resume signing up new customers this week. Please, note that you’ll need your BVN, NIN, and your proof of address (followed by address verification) to open a Tier 3 account.”
