The Central Bank of Nigeria (CBN) has instructed four fintech companies to stop opening new accounts, citing the potential for cryptocurrency traders to use them. The directive affects Moniepoint, Palmpay, Opay, and Kuda.
The CBN issued the directive shortly after Nigeria's anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), froze more than 1,140 bank accounts suspected of being linked to illegal foreign transactions, a report by Techcabal said. The report also cited a statement from a fintech firm indicating the account freeze was temporary.
The temporary nature of the suspension was similarly confirmed by an unnamed executive at a fintech company who also linked the CBN's directive to ongoing audits of KYC processes at affected fintechs.
The Central Bank of Nigeria has instructed four fintech companies to stop creating new accounts
2024-05-01 05:43:21
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