Nigerian Fintechs to Resume New Accounts Soon – CBN

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will recommence the enrolment of new customers “in another couple of months.”

CBN Governor, Olayemi Cardoso, made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 percent to 26.25 percent.

Cardoso mentioned that the CBN has been in discussions with many operators to enhance their operations and address issues such as money laundering and illicit flows. Remedial measures have been proposed to strengthen customer onboarding processes and enhance the existing clientele base.

“I am confident that as time progresses, and hopefully in another couple of months, these challenges will be resolved, and the sector will return to its previous activities, albeit under a more robust regulatory framework,” he stated.

In April, the CBN temporarily halted fintech companies from onboarding new customers, a move perceived as regulatory tightening by the CBN under Cardoso’s leadership.

Responding to inquiries about the decision, Cardoso clarified that there was no deliberate targeting of fintech firms, and the CBN remains supportive of their contributions. He stressed the importance of regulation, especially considering the rapid growth of the fintech sector and the need to address issues like illicit financial flows.

The CBN has collaborated with security agencies to identify areas for strengthening regulations and surveillance within the financial industry. Cardoso reiterated that the goal is not to shut down fintech operations but to enhance regulatory oversight.

“At present, we have not revoked the licenses of any fintech organizations,” Cardoso emphasized, reaffirming the CBN’s commitment to fostering a conducive regulatory environment for fintech innovation.