The Central Bank of Nigeria (CBN) has lifted its ban on five fintech startups, which includes OPay, Kuda, Moniepoint, PalmPay, and Paga. Now, these fintechs can resume onboarding new customers and open new accounts. The ban was placed in April 2024 as part of efforts to combat fraud in the industry. The ban was lifted after these fintechs met the necessary requirements and regulations.
Some of the fintechs have sent notices to their customers stating the new development while some published on their social media.
Some days ago, Innovation Village reported that the apex bank announced the enrolment of new customers by the mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, in another couple of months.
The apex bank suspended new customer enrolments in April 2024 as part of measures “to combat money laundering and illicit financial flows”, according the CBN Governor Olayemi Cardoso. Mr Cardoso had stressed the importance of regulation in a rapidly growing sector, citing concerns about illicit flows within the sub-sector.
In the same vein, Kuda promised that they would resume signing up new customers this week! They however said that to open a Tier 3 account., intending customers would now have to provide BVN, NIN and your proof of address.
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