CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette - Business

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CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette - Business - Nairaland

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CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by fergie001: 9:32pm On Apr 29

The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday.

Sources confided in The Gazette anonymously since they were not authorised to speak publicly on the matter, asserting that the CBN deemed the new-account-ban necessary to curb money-laundering activities which have seen the naira again plunge against the dollar in recent days.

The naira, as of Monday evening, traded at N1350 against the dollar, which is a regression against the steady climb that the Nigerian currency has made over the past few weeks as it traded to N950 in early April.

“Hello! We’ve temporarily paused new sign-ups on our platform,” Moniepoint wrote in a message on its platform for intending customers on Friday. “This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”

Following the drastic depreciation of the naira in February which nearly exchanged at N2000 to a dollar, CBN, in collaboration with anti-graft commission, EFCC, cracked down on Binance and detained its executives Tigran Gambaryan, a U.S. citizen and British-Kenyan Nadeem Anjarwalla over accusations of naira manipulation.

The Nigerian government demanded that Binance release the names of its top 100 users and their transactions to negotiate the release of the detained executives.

SOURCE

19 Likes 3 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by 1Alex: 9:33pm On Apr 29

Still reading

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by superintendents(m): 9:33pm On Apr 29

2 Likes

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by HITdemUP: 9:37pm On Apr 29

Anything to strengthen the Naira is welcome

103 Likes 11 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Umueme: 9:38pm On Apr 29

If this is really going to strengthen the naira and not just a wishful grope in the dark, then it's a welcome development

#MyOpinion

Majesty7:

Not really but will protect it from unrealistic market value. The naira won't be really strengthens if there is still high demand for foreign currency (importation).

True 👍. Hence the need to do as one man said earlier "from consumption to production"

Freestar:

Lol at 'wishful grope'

This government has proven itself to be quite adept at groping in the dark.

It's made up actually of quite skilled gropers. That was how they groped the rightful election winner out; it's how they have groped the economy into the state it is in now.

Nothing surprises anymore

🤣🤣
Funny but true

25 Likes 1 Share

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by tspun(m): 9:39pm On Apr 29

From 950 to 1350 within 1 week
Some people are really behind this dollar crisis
So people really don't want to see Nigeria work

140 Likes 7 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by koyeni(m): 9:39pm On Apr 29

Wahala

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by xjiggy: 9:39pm On Apr 29

I don't know about them being used for crypto or money laundry but I just have a natural dislike for digital banks operating in Nigeria

22 Likes 3 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Darkandhandsom(m): 9:39pm On Apr 29

Foolish people..
When Jonathan was president did it affect naira?
Everything they are looking for who to blame.
Thunder fire una

250 Likes 28 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by DMCY: 9:40pm On Apr 29

Wahala

1 Like 1 Share

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by chido20(m): 9:40pm On Apr 29

Confused Govt

69 Likes 5 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Dozis: 9:40pm On Apr 29

Chasing shadows.
Someone should tell Tinubu and Cardoso to leave Crypto a d it's traders alone.
You're not exporting anything and importing everything, yet you want the naira to magically appreciate.

185 Likes 14 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Offpoint1: 9:40pm On Apr 29

Make I move my funds before it bulaba bala blue, blu blu

48 Likes 4 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by martineverest(m): 9:40pm On Apr 29

Make una run remove una money from those Banks

13 Likes 2 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Obakoolex(m): 9:40pm On Apr 29

Naija which way

107 Likes 1 Share

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by dacool1(m): 9:41pm On Apr 29

Banning financial institutions that do not offer FX services and leaving the main financial institutions that trades FX is the height of foolishness.

Take down those involved with these transactions. Not cut off the whole head because of headache na.

The truth is this ban is no way related to crypto nor FX it's purely vengeful. The government is simply angry because of STAMP DUTY and other forms of charges these banks don't charge. It's really affecting the traditional banking system.

27 Likes 1 Share

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Hezzyluv: 9:41pm On Apr 29

That's the handywork of commercial banks. undecided

They're just jealous of these digital microfinace banks. Particularly, the Opay. The last time I checked, Opay's market cap. dey rob shoulders with Zenith bank. grin

Na cashless policy of last year announced these banks. I can't really remember when last I went to bank n que to make transactions.

For security reasons, if you're using digital bank, make sure the SIM you used registering it is not the one you slot in your fone and be moving upanda with it. The SIM I used to open my own is always at home in case if someone stills my phone and want to reset the password, he wouldn't get the OTP massage.

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Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by HydraFeeds(m): 9:41pm On Apr 29

Old banks don't have good network .

47 Likes 4 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by ironheart(m): 9:41pm On Apr 29

Hmmmmm

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Lanre4uonly(m): 9:41pm On Apr 29

Okay.

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Mosdiii(m): 9:41pm On Apr 29

Good one from the government.

2 Likes

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Sabadon(m): 9:42pm On Apr 29

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by nedekid: 9:42pm On Apr 29

As they say, it takes a crook to catch a crook.
Abeg go after who ever is messing around with the naira.

3 Likes

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by tuzle(m): 9:42pm On Apr 29

So commercial bank cant be used for the above accusations abi? Let them continue deceiving themselves.

114 Likes 7 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Dukssak(m): 9:42pm On Apr 29

HITdemUP:
Anything to strengthen the Naira is welcome

that won't strength the naira. Nigeria is import based economic. The government to work on the export part . Fix up refinery and electricity

46 Likes 4 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by princepee: 9:43pm On Apr 29

shadow chasing as usual.
Attack aboki FX, kill binance.
Yet the naira keep failing.
Abeg make anything no happen to the little money way I get for opay.
They are more reliable than access bank, first bank, Uba.
At least my money no dey hang for opay, unlike the others.

84 Likes 4 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by newwise1: 9:43pm On Apr 29

Cluelessness on this one

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Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Dbarrzx: 9:43pm On Apr 29

Anything to help our naira is commendable

3 Likes 1 Share

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by BeigJawnson(m): 9:44pm On Apr 29

HITdemUP:
Anything to strengthen the Naira is welcome

Smiles, strengthen of naira is not what they are doing to give it muscle over dollar.

1. Nigeria should move from consumption to more of production. Many things imported should be locally made.

2. Corruption has to stop. Many of these corrupt people hoard dollars, waiting for it to scarce before they can release for importers...

35 Likes 3 Shares

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by Innosonp(m): 9:44pm On Apr 29

Good move naira must get value by force

Re: CBN Bars MFBs, Opay, Moniepoint From Registering New Customers - Gazette by MaziObinnaokija: 9:44pm On Apr 29

make I go transfer my money from opay go Ecobank..E get why. sad

3 Likes 1 Share

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