CBN directs Palmpay, Opay, Kuda Bank, and Moniepoint to stop onboarding new customers
Home » Business  »  CBN directs Palmpay, Opay, Kuda Bank, and Moniepoint to stop onboarding new customers

For Advert & Sponsorship

Email: contact@expressreporters.com.ng
Tel: 08059839474/08064064542 (Whatsapp Only)

Like this:

CBN directs Palmpay, Opay, Kuda Bank, and Moniepoint to stop onboarding new customers

In the fight to further sanitize the economy, the Central Bank of Nigeria (CBN) has directed OPay, Palmpay, Kuda Bank, and Moniepoint to stop onboarding new customers until further notice over alleged illegal forex dealings.

Remember that a Federal High Court in Abuja had earlier approved an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

Justice Emeka Nwite, in a decision on the ex-parte motion presented by the anti-graft agency’s lawyer, Ekele Iheanacho, also approved the commission’s request to complete the investigation within 90 days.

The industry players stated that the latest directive by the CBN may have been misdirected given that most of the accounts involved were commercial bank accounts.

“I can confirm that 90 per cent of the accounts involved in the illegal forex trading are commercial bank accounts while fintech accounts were just 10 per cent. Why has the CBN not asked the banks to stop onboarding new customers? We have a general problem, coming for fintechs is just like looking at the easy prey,” one of the sources expressed.

According to one fintech industry source who would not want to be named, this shows that there is a stronger and better relationship between the banks and the CBN compared with fintechs, hence the reason for their being shielded.

According to him “In terms of KYC, the fintechs are doing better than the banks, but all eyes seem to be on the fintechs whenever the issue of KYC occurs.

Leave a Reply

Your email address will not be published. Required fields are marked *

Like this:

Discover more from Express Reporters

Subscribe now to keep reading and get access to the full archive.

Continue reading

Hi! talk to us
Scan the code