CBN bans OPay, Palmpay, Kuda Bank, and Moniepoint from opening new accounts

The Central Bank of Nigeria (CBN) has recently taken action regarding several mobile money operators and fintech firms. Here are the key points:

  1. Ban on New Customer Onboarding:
  2. EFCC’s Court Order:
    • Coincidentally, the CBN’s directive aligns with a court order obtained by the Economic and Financial Crimes Commission (EFCC). The order allows the EFCC to freeze at least 1,146 bank accounts owned by individuals and companies allegedly involved in illegal foreign exchange transactions.
    • The court order grants the EFCC 90 days to conclude its investigation.
  3. Bank Customers Association Support:

In summary, the CBN’s actions aim to enhance financial security and compliance within the fintech sector. If you have any further questions, feel free to ask!

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