The Central Bank of Nigeria (CBN) has revealed that mobile money operators, which includes fintech companies like OPay, Palmpay, Kuda Bank, and Moniepoint, will soon start registering new customers again. This decision was announced by CBN Governor Olayemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting in Abuja. At the meeting, the interest rate was raised from 24.75% to 26.25%.
Governor Cardoso emphasized the CBN’s initiatives to collaborate with mobile money operators in order to bolster their operations and combat money laundering and illicit financial activities. He reassured that the ongoing actions would fortify the regulatory environment, enabling these operators to restart their services with greater resilience.
In April, the Central Bank of Nigeria (CBN) temporarily halted the registration of new customers by fintech companies, sparking fears of a crackdown on the financial sub-sector. Nevertheless, Cardoso has clarified that this move is not punitive but rather a crucial measure to tackle regulatory and security issues within the rapidly expanding fintech industry.
He further underscored the significance of regulation within the fintech sector, especially in tackling concerns regarding illicit financial flows and money laundering. The temporary suspension by the CBN on new customer enrolment forms part of a wider strategic effort to bolster surveillance and regulatory protocols in coordination with security agencies.
Cardoso stated that the CBN is fully behind fintech innovations and dismissed rumors of revoking licenses of the fintech companies. Emphasizing the need for robust regulations, he aims to create a secure financial ecosystem that fosters growth and benefits from the valuable contributions of fintech companies to the Nigerian economy.
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