Opay, Nigeria’s financial technology bank, has announced the closure of non-compliant accounts in response to recent restrictions imposed by the Central Bank of Nigeria (CBN).
The decision was disclosed in a statement released by Opay on Tuesday, as reported by Nairametric. The move comes after OPay, along with other fintech entities including Palmpay, Kuda Bank, and Moniepoint, faced restrictions from onboarding new customers due to allegations of involvement in illicit foreign exchange transactions.
Emphasizing its commitment to regulatory compliance, Opay stated its dedication to collaborating with the CBN and other regulatory bodies in combating money laundering, fraud, terrorism financing, and other illegal financial activities.
“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the integrity of the financial system,” the statement read. “To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.”
Opay, along with other fintech companies, has temporarily halted onboarding new customers and creating new wallets to support government initiatives aimed at cleaning up the financial industry.
“We want to assure our customers that their funds are secure and their data is protected, which is a temporary measure,” Opay assured its customers.
This development unfolds amidst the Nigerian government’s crackdown on currency speculators in the foreign exchange market. Recently, the court granted the Economic and Financial Crimes Commission’s (EFCC) request to freeze 1,146 bank accounts, signaling intensified efforts to tackle financial irregularities in the country.
