The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said that the Nigerian apex bank ordered Moniepoint, Kuda, Opay, Palmpay not to onboard more customers because of the allegations that the Fintech operators’ platforms are being used for illegal foreign exchange.
Cardoso added that the instruction not to onboard isn’t revocation of licenses but a a precautionary measure to block leakages.
He said, “CBN is not against fintechs and has not revoked the license of any fintech organization.”
Cardoso disclosed this in a communiqué from Tuesday’s Monetary Policy Committee meeting in Abuja.
He noted that CBN is not against fintechs.
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The CBN Governor’s reaction comes weeks after the bank restricted OPay, Palmpay, Kuda Bank and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.
Cardoso stressed the need for CBN to strengthen financial regulations to check against leakages.
Cardoso added, “It’s our responsibility to ensure it (the banking system) remains sound, safe, and fit for purpose.”
