The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will soon be allowed to enroll new customers again, expected to take effect “in another couple of months.”
This statement was made by CBN Governor, Olayemi Cardoso, during the 295th Monetary Policy Committee (MPC) meeting held in Abuja. The decision came alongside the MPC’s decision to increase the interest rate from 24.75 per cent to 26.25 per cent.
Cardoso explained that the CBN has been in discussions with many players in the fintech industry to enhance their operations. He highlighted the importance of strengthening regulatory measures to combat money laundering and illicit financial flows within the sector.
Addressing concerns about the temporary halt on customer onboarding for fintech companies in April, Cardoso clarified that the move was not intended as a crackdown but rather aimed at ensuring a robust regulatory framework. He emphasized the CBN’s commitment to supporting and empowering fintech firms while maintaining regulatory oversight.
While acknowledging the rapid growth of the fintech sector, Cardoso stressed the critical role of regulation, especially in combating illicit financial activities. He mentioned collaborative efforts with security agencies to enhance surveillance and enforcement measures within the industry.
Cardoso reassured that the CBN has not revoked the licenses of any fintech organizations, emphasizing the importance of regulatory measures to safeguard the integrity of the financial system while fostering innovation and growth in the fintech sector.
