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Many depositors are alleged to be withdrawing their mymoney from Moniepoint and OPay after the Central Bank of Nigeria (CBN) fined the fintech giants ₦1 billion each. The development comes amid heightened regulatory scrutiny of the rapidly expanding Nigerian fintech sector. Reports say that CBN imposed the fines, totaling ₦2 billion, after an audit revealed […]
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One of Nigeria’s leading financial services providers, OPay has sent a message to it’s customers regarding the safety of their funds. Last week, the Central Bank of Nigeria (CBN) barred some online microfinance banks from opening new accounts and accepting new customers. The affected microfinance banks include: Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others. […]
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The Central Bank of Nigeria (CBN) has banned banks and financial technology companies (fintechs)across the country, from offering international money transfer services. The ban is contained in the revised guidelines for the operations of International Money Transfer Operators (IMTOs), officially released on January 31, 2024. The document states that aall banks are now prohibited from […]
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