Amid the recent restrictions imposed by the Central Bank of Nigeria, Opay announced that it has taken steps to close non-compliant accounts.
As reported by Nairametric, Opay made this disclosure in a statement released on Tuesday.
Reports from NewsNow indicated that Opay, along with Palmpay, Kuda Bank, and Moniepoint, were barred from onboarding new customers due to suspicions of involvement in illicit foreign exchange transactions.
In response, Opay reiterated its dedication to collaborating with the CBN and other regulatory authorities to combat money laundering, fraud, terrorism financing, and other illicit financial activities.
Emphasizing their commitment to regulatory compliance, Opay highlighted their adherence to the rules set by the CBN and other regulators to safeguard the integrity of the financial system.
The company stated, “To uphold these standards, we have taken action to close non-compliant accounts, enforce stringent security measures, and educate customers on preventing fraud.”
Opay, along with other fintech firms, has temporarily halted the onboarding of new customers and the creation of new wallets in support of government initiatives to cleanse the financial sector.
Providing assurance to its customers, Opay affirmed the security of their funds and the protection of their data, underscoring that these measures are temporary.
These developments coincide with the Nigerian government’s crackdown on currency speculators in the foreign exchange market, with the recent court decision to freeze 1,146 bank accounts at the behest of the Economic Financial Crimes Commission.