CBN Not Clamping Down on OPay, Other FinTechs- Cardoso

The Central Bank of Nigeria (CBN) has stated that it has no plans to clamp down on FinTech firms in Nigeria. CBN Governor Olayemi Cardoso disclosed this during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate increased from 24.75% to 26.25%.

According to Cardoso, mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers within a few months. He emphasised that the CBN has been working closely with these operators to strengthen their operations and ensure a robust regulatory framework.

“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past, and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” he sa” d.

In April, the CBN halted fintech companies from onboarding new customers to address concerns over money laundering and illicit flows within the sector. Cardoso clarified that the move was not a clampdown but a necessary step to enhance regulation and surveillance.

“Reports that the CBN has decided to clamp down on fintech firms are ‘furthest from the truth. Regulation is very critical in a sector that seems to have grown so incredibly rapidly,” he noted, highlighting the need for heightened surveillance to prevent illicit financial activities.

The CBN Governor reiterated that the licenses of fintech organisations have not been revoked.

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