Details as CBN Issues Fresh Directive to OPay, Palmpay, Kuda Bank, Moniepoint to stop Onboarding New Customers

The Central Bank of Nigeria (CBN) has issued a directive to four fintechs companies, instructing them to halt the onboarding of new customers until further notice.

The instruction which was issued on Monday came with an immediate effect, triggering mixed reactions from the customers of the affected companies and the the general public.

According to reports, the affected fintechs including OPay, Palmpay, Kuda Bank, and Moniepoint have been linked to allegations of accounts being used for illicit foreign exchange transactions.

Nairametrics gathered from the representatives of two of the affected companies that the CBN’s order is related to these allegations.

However, they noted that the directive might be misdirected, as the majority of the implicated accounts belong to commercial banks, not fintech platforms.

The development was initially reported by TechCabal and later carried by Nairametrics among other media platforms.

Consequently, customers of Kuda Bank, Moniepoint, OPay and Palmpay are in a state of bewilderment following the development.

The directive came two days after the EFCC blocked 1,146 bank accounts involved in unauthorised forex dealings.

“We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”