The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has confirmed that the licenses of fintech companies such as Moniepoint, Opay, and others operating in Nigeria have not been revoked. This clarification came during a communiqué from Tuesday’s Monetary Policy Committee meeting in Abuja.
Cardoso emphasized that the CBN is not opposed to fintech firms, despite recent restrictions placed on OPay, Palmpay, Kuda Bank, and Moniepoint, preventing them from onboarding new customers due to allegations of their accounts being used for illicit foreign exchange transactions.
He highlighted the importance of strengthening financial regulations to prevent leakages within the system. “CBN is not against fintechs and has not revoked the license of any fintech organization. However, there is a need to bolster regulation in the sector to safeguard against leakages,” Cardoso stated.
Reiterating the CBN’s commitment to maintaining a secure and efficient banking system, he said, “It’s our responsibility to ensure the banking system remains sound, safe, and fit for purpose.”
Additionally, the CBN raised the interest rate to 26.25 percent from 24.75 percent in March, aiming to curb inflation, which surged to 33.69 percent in April .
