CBN lifts ban on Opay, Moniepoint, two other fintech banks

With immediate effect, the Central Bank of Nigeria, or CBN, has reversed its prohibition on accepting new clients that was imposed on five well-known fintech companies: Paga, OPay, Kuda, Palmpay, and Moniepoint.

Opay declared on Monday via its official X handle that the apex bank has lifted the ban.

“We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users,” Opay stated.

This follows the expiration of the fintechs’ May 31 deadline for meeting Know Your Customer (KYC) and other regulatory standards.

Following the 295th meeting of the Monetary Policy Committee (MPC), CBN governor Olayemi Cardoso intimated that the prohibition on four fintech banks will be lifted soon.

Cardoso said that the central bank revoked no fintech bank’s licence.

The move follows the CBN’s April 30 restriction on the four banks’ ability to accept new clients due to claims that they were being utilised for unauthorised foreign exchange transactions.

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