The Central Bank of Nigeria (CBN) has lifted its ban on onboarding new customers imposed on five prominent fintech startups: Paga, OPay, Kuda, Palmpay, and Moniepoint, effective immediately.
OPay announced the development on Monday via its official X handle, stating, “We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users.”
This announcement follows the expiration of a May 31 deadline given to the fintechs to meet Know Your Customer (KYC) and other regulatory requirements.
CBN Governor Olayemi Cardoso, during the 295th Monetary Policy Committee (MPC) meeting, had hinted that the ban on the fintech banks would soon be lifted. Cardoso also clarified that the central bank did not revoke any fintech licenses.
The initial restriction, imposed on April 30, was due to allegations that the fintech companies were being used for illicit foreign exchange transactions. With the regulatory requirements now met, these fintech firms can resume onboarding new customers, marking a significant development in Nigeria’s fintech sector.
