Tag: Moniepoint

Depositors Scramble to Withdraw Their Money as CBN Fines Opay, Moniepoint N1 Billion Each

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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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CBN Directive: Opay Sends Messages to Customers

CBN Directive: Opay Sends Messages to Customers

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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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