The Central Bank of Nigeria, CBN, on Monday lifted the ban it placed on five prominent fintech startups. The apex bank had placed a ban on Paga, OPay, Kuda, Palmpay, and Moniepoint from opening accounts for new customers.
But on Monday, one of the fintech, Opay in its official X handle announced that CBN has lifted the ban.
The statement read, “We are thrilled to announce that the Central Bank of Nigeria, CBN, has given OPay
the thumbs up to resume onboarding new users.”
This is coming after the expiration of a May 31 deadline given to the fintechs to meet Know Your Customer, KYC, and other regulatory requirements.
Recall that the CBN Governor, Olayemi Cardoso, had, at the end of the 295th Monetary Policy Committee, MPC, meeting, hinted that the ban on four fintech banks will be lifted soon.
The CBN Governor also added that the Central Bank did not revoke any fintech banks’ licenses.
The Central Bank of Nigeria on April 30 restricted the four fintech from onboarding new customers. This was coming on the heels of allegations of being used for illicit foreign exchange transactions.
Follow us for more news on our WhatsApp News Channels @
https://whatsapp.com/channel/0029VaC505jB4hdZ5Yx9g82U
