Nigeria’s fintech landscape has received a boost as the Central Bank of Nigeria (CBN) has lifted the onboarding ban on leading financial technology companies, OPay and Kuda Microfinance Bank. Following the directive to halt the addition of new customers due to concerns over unauthorized foreign exchange transactions, the CBN has now authorized both entities to resume their customer enrollment processes.
On April 29, in response to a government claim regarding illicit foreign exchange operations on these platforms, the CBN instructed fintech companies to suspend the enrollment of new customers. An interim order by the Abuja High Court on April 24 had given the Economic and Financial Crimes Commission (EFCC) permission to freeze numerous bank accounts suspected of unauthorized forex transactions. Upon investigation, the majority of such accounts were found to be with commercial banks, with only a fraction with fintech firms.
In their announcements on Monday, both OPay and Kuda Bank expressed commitment to adhering to the established Know Your Customer (KYC) verification protocols. They also called on their customers to ensure thorough completion of the verification process to comply with all stipulations.
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Acknowledging the milestone, OPay emphasized its dedication to regulatory compliance, data security, and the prevention of fraudulent activities. The company also reiterated its mission to make financial services more accessible through technology and promised continuous enhancement of user experience with new features.
Similarly, Kuda Bank, acknowledging the suspension, stated its continued collaboration with the CBN to meet regulatory demands by implementing more robust account controls. With substantial progress in this venture, Kuda Bank is set to resume new customer registrations within the week.
The CBN’s decision to lift the onboarding restrictions showcases a collaborative effort between regulators and fintech actors to ensure compliance and stability in Nigeria’s digital financial services sector while promoting innovation and inclusivity.
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