CBN Restricts Opay, Moniepoint, Kuda Bank from Onboarding New Customers

In trending news, the Central Bank of Nigeria (CBN) led by the CBN Governor Mr Cardoso, the apex bank has restricted some Financial technology companies from registering new customers.

Opay, Moniepoint, Kuda Bank are among the list of Fintech companies that were affected in the new policy released by the apex bank in Nigeria.

CBN notified the mentioned banks to stop onboarding new customers till further notice. The implications posit that the online banks won’t be permitted to accept new customers interested in opening an account with them till the apex bank lifts the ban or steps down the policy.

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Some analysts alleged that the CBN wishes to investigate the transactions carried out by some users in the mentioned online banks, especially on transactions related to currency speculation and cryptocurrency trading.

Some Nigerians especially the youth enjoy the services of the fintech companies due to their fastness in transactions which involves receiving and sending money for business transactions.

CBN did not ban the mentioned banks but only told them to stop taking new customers (onboarding ) till further notice.

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Existing customers of the mentioned banks are not restricted from conducting their day-to-day business transactions in the banks except when CBN states otherwise.

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