Just In: OPay Resumes Onboarding New Users As CBN Lifts Suspension

Confidence UbaniJune 3, 20241 Mins read1k

OPay, a popular financial technology company in Nigeria, has announced the resumption of onboarding new users starting June 3, 2024. This development followed a temporary suspension imposed by the Central Bank of Nigeria (CBN) in April 2024 to address concerns over money laundering and illicit financial flows within the fintech sector.

The company communicated the update via a message to its customers that partly read:

“Exciting News! OPay resumes new user onboarding. Thanks for trusting us and choosing OPay.”

CBN Governor Yemi Cardoso clarified that the suspension was not a clampdown but a necessary measure to enhance regulation and surveillance. He assured that the licenses of fintech organisations, including OPay, were not revoked.

During the 295th Monetary Policy Committee meeting in Abuja, where the interest rate was increased from 24.75% to 26.25%, Cardoso explained that fintech companies would soon resume normal operations under a stronger regulatory framework.

In addition to resuming user onboarding, OPay reiterated its prohibition on cryptocurrency transactions and virtual asset trading on its platform. The company emphasised its commitment to legal and regulatory compliance, warning that any accounts involved in such activities would be closed immediately.

OPay’s CEO, Gotring Dauda, stated,

“For absolute clarity, OPay has never condoned, nor will it permit, the trading of cryptocurrency or virtual assets on its platform.”

He urged customers to ensure their accounts and wallets are not used for cryptocurrency transactions, as non-compliance will lead to account closure and subsequent reports to relevant authorities.