Customers Panics As CBN Orders, Opay, palmpay, Kuda Bank, Other Fintech Firms To Suspend Onboarding New Customers

Some bank customers have reportedly expressed panic following the decision of the Central Bank of Nigeria (CBN) to ban mobile money operators including fintech firms from onboarding new customers.

The affected fintechs—OPay, Palmpay, Kuda Bank, and Moniepoint—have been linked to allegations of accounts being used for illicit foreign exchange transactions.

Representatives from two of the companies confirmed to Nairametricsthat the CBN’s order is related to these allegations.

The CBN’s move, according toNairametrics, was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.

It was gathered that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) recently secured a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

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