The Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers.
The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions.
Meanwhile, OPay confirmed the development in a statement on Tuesday, saying it has paused the onboarding of new customers to “support government efforts to clean up the financial industry”.
It however assured that the new CBN directive will not affect existing accounts and wallets
