Resulting from alleged involvement in illicit foreign exchange transactions, the Central Bank of Nigeria, CBN, has instructed four fintech companies to discontinue onboarding new customers until further notice.
Among the affected fintechs are OPay, Palmpay, Kuda Bank, and Moniepoint, which have been linked to the mentioned allegations.
Confirmation of the directive was provided to NewsNow on Monday by representatives from two of the influenced firms.
A source, requesting anonymity, highlighted, “I confirm that 90% of the accounts engaging in illicit forex transactions are held with commercial banks, with only 10% related to fintechs.”
Questioning the focus on fintechs, the source expressed concern over the discrepancy in targeting more vulnerable entities instead of extending the directive to commercial banks.
Currently, as no response has been received from any of the four firms, the situation remains unresolved.
This development occurs amidst a crackdown on currency speculators in the foreign exchange market, with recent reports of 1,146 bank accounts being frozen following the Economic Financial Crimes Commission’s request.