The Central Bank of Nigeria (CBN) has directed Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings.
The restriction came as a result of the recent freezing of 1,146 bank accounts linked to unauthorised forex transactions to prevent further illegal activity.
This directive affects customers of Kuda, Moniepoint, Opay, and Palmpay, who will temporarily be unable to open new accounts with these services.
The CBN’s decision comes as part of its ongoing efforts to regulate and monitor the country’s financial sector. The central bank has expressed concerns regarding the operations and compliance of these digital banking platforms.
A notice on one of the Fintech platforms read: “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause”.
By suspending new account openings, the CBN aims to ensure that these platforms adhere to the necessary regulatory standards and guidelines. While this development may be disappointing for individuals looking to open accounts with these services, it is important to note that existing account holders will not be affected.
Customers who already have accounts with Kuda, Moniepoint, Opay, and Palmpay can continue to use their accounts as usual.
In the meantime, individuals seeking alternative digital banking options can explore other reputable platforms that are currently available in Nigeria.
The CBN’s decision highlights the importance of maintaining transparency and accountability in the digital banking sector. By implementing regulations and monitoring compliance, the central bank aims to protect the interests of customers and ensure the stability of the financial system.
As the CBN works with these digital banking platforms to address any concerns, account openings may resume in the future.
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