Following the latest limitation by the Central Bank of Nigeria, Opay, a financial technology bank in Nigeria, announced that it has closed non-compliant accounts.

Nairametric claims that Opay made this revelation in a statement on Tuesday.

According to ZINGTIE, there were claims that accounts at OPay, Palmpay, Kuda Bank, and Moniepoint were being used for unauthorised foreign currency transactions, which led to restrictions on onboarding new users.

To combat money laundering, fraud, terrorism financing, and other illicit financial activity, OPay stated that it is still dedicated to collaborating closely with CBN and other regulatory organisations.

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“As a regulatory-compliant institution, OPay follows the rules the CBN and other regulators set to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud,” it stated.

In order to assist government initiatives to purge the financial sector, Opay and other fintech firms have put a temporary stop to the onboarding of new users and the creation of new wallets.

“We want to assure our customers that their funds are secure and their data is protected, which is a temporary measure,” Opay said.

This occurs in the midst of the Nigerian government’s crackdown on foreign exchange market currency speculators.

The request to freeze 1,146 bank accounts made by the Economic Financial Crimes Commission was just granted by the court.

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