The Central Bank of Nigeria (CBN) recently announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers “in another couple of months. The apex bank had suspended new customer enrolments in April 2024.
CBN Governor Olayemi Cardoso made this statement at the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75% to 26.25%. Cardoso emphasized that the apex bank has engaged with numerous sector players to highlight the importance of strengthening their operations.
To combat money laundering and illicit financial flows, Cardoso explained that the apex bank has implemented “remedial measures that will help the sector tighten up on onboarding and manage their existing clientele base.”
Cardoso refuted claims that the CBN is clamping down on fintech firms, stating, “The fintechs have not been singled out for any exceptional kind of treatment.” He added that the CBN is proud of the achievements of fintech firms in recent years and will continue to support and strengthen them.
However, Cardoso noted that regulation is crucial in a sector that has grown rapidly, citing concerns about illicit flows within the sub-sector. He mentioned that the apex bank is collaborating with security agencies to identify areas where regulations and surveillance need to be tightened.
Cardoso explained that CBN was concerned about anti-money laundering and illicit flows within the various sub-sectors of the financial industry, hence it felt the need to pause and work with different players to strengthen regulations, not to put them out of business. He reiterated that the apex bank has not revoked the license of any fintech organisation.
