CBN stops OPay, Palmpay, others from onboarding new customers

Central Bank of Nigeria (CBN) has stopped mobile money operators including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers.

A source at the bank, who confirmed the development to Channels TV however, said no circular was served by the apex bank in that respect.

The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions.

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”.