CBN Directs Opay, Kuda, Palmpay, Moniepoint to Stop Onboarding New Customers
The Central Bank of Nigeria (CBN) has ordered the top four Nigerian fintech companies, OPay, Palmpay, Kuda Bank, and Moniepoint to stop onboarding new customers.
This directive is a heavy blow to their aspirations of growth.
The CBN’s decision comes crashing down amidst allegations swirling around these platforms, accusing them of being accomplices in illegal foreign exchange transactions.
It’s a gut-wrenching moment for these fintech giants as they’re forced to put their growth on hold.
Representatives from two affected companies have confirmed the CBN’s order, and the frustration is palpable. They believe the directive is misplaced, pointing out that most of the accounts involved in these illicit transactions belong to commercial banks, not fintech platforms.
“It’s like we’re being unfairly singled out,” one source lamented. “The vast majority of these shady deals are happening within the commercial banks, yet we’re the ones facing the brunt of the crackdown. It’s just not fair.”
The sense of injustice is raw and real. These fintech companies feel like they’re being made scapegoats in a much larger problem. It’s a bitter pill to swallow as they grapple with the fallout of the CBN’s decision, questioning why the spotlight isn’t being shone on the bigger players in the financial sector.
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