The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like Opay, Palmpay, Kuda and Moniepoint Microfinance Banks will resume enrolling new customers in a couple of months from now.

The disclosure was made by CBN Governor, Mr Olayemi Cardoso, at the end of 295th Monetary Policy Committee (MPC) meeting of the apex Bank in Abuja on Tuesday.

Olayemi said the CBN has engaged many of the players on the need to strengthen their operations. He said that in a bid to block money laundering and illicit flows, CBN brought up measures that will tighten the sector up on both new and existing client base.

He said, “I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see the sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework.”

When asked the reason why CBN stopped the onboarding of new customers into fintech in April, Cardoso said reports that the apex Bank has decided to clamp down on fintech firms were “furthest from the truth”.

“The fintechs have not been singled out for any exceptional kind of treatment,” he reiterated.

He added that CBN was proud of the fintech firms and their exploits in the previous years, assuring that CBN would continue to support them amidst regulations and surveillance.

“Regulation is very critical in a sector that seems to have grown so incredibly rapidly.

“Most recently, we had cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavy regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that,” Cardoso stated.

Olayemi said the CBN has engaged many of the players on the need to strengthen their operations. He said that in a bid to block money laundering and illicit flows, CBN brought up measures that will tighten the sector up on both new and existing client base.

acili:
Monipoint will feel it more than other mobile banks

I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see the sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework.”

Jagabanbattle:
It was a foolish decision in the first place. An ignorant move by the CBN. Threatening bank customers through banks. Since this useless directive was given, OPay and other mobile banks should tell us how much loss they recorded.

Sending an improving Naira back to being useless. Cryptocurrency trading should be allowed. EFCC and CBN should do their work by targeting money launderers, not ordinary traders. Unfortunately, EFCC can’t differentiate between traders and launderers. It’s an eyesore.

LadyExcellency:


The reason for stopping the onboarding of new customers was genuine. Why should these fintechs be hawking debit cards like gala and carbonated drinks? They skip KYC and allow fraudsters to use their platforms for fraud and illicit businesses.

Btw, they should include betting platforms as the crooks and fraudsters use them for transferring stolen money to their accounts.

acili:
Monipoint will feel it more than other mobile banks

Xxxylxxxx:

I don't think so because you can't withdraw deposit money. Only winnings are allowed.

LadyExcellency:


They will use it to play one sure odd and cash out immediately.

They stole my money

juwoonn:
Please somebody should help me with "Sometimes in April" 2004 or 5 movie.
I can't find the full video anywhere online.

Otulaeke:


Have you gotten it ? If no , reply me I have the full movie here on my phone

Jagabanbattle:
It was a foolish decision in the first place. An ignorant move by the CBN. Threatening bank customers through banks. Since this useless directive was given, OPay and other mobile banks should tell us how much loss they recorded.

Sending an improving Naira back to being useless. Cryptocurrency trading should be allowed. EFCC and CBN should do their work in targeting money launderers not ordinary traders. Unfortunately, EFCC can’t differentiate between traders and launderers. It’s an eyesore.