ABUJA, NIGERIA – The Central Bank of Nigeria (CBN) has announced that mobile money operators, including prominent fintech firms such as Opay, Palmpay, Kuda, and Moniepoint Microfinance Banks, will be able to start enrolling new customers again in the next few months. This update was disclosed by CBN Governor Mr. Olayemi Cardoso at the conclusion of the 295th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Governor Cardoso explained that the CBN has been actively engaging with fintech players to strengthen their operations. In response to concerns about money laundering and illicit financial flows, the CBN has implemented measures to tighten the sector’s regulatory framework for both new and existing clients.
“I am confident that as time goes on, and hopefully in another couple of months, all these issues will be resolved. The sector will return to its previous functionality but with a much stronger regulatory framework,” said Cardoso.
Addressing the reason behind the suspension of new customer onboarding in April, Cardoso dismissed reports suggesting a crackdown on fintech firms. “The fintechs have not been singled out for any exceptional kind of treatment,” he emphasized.
Cardoso highlighted the CBN’s support for the fintech industry, acknowledging its rapid growth and past achievements. He assured that the CBN would continue to back fintech firms while enforcing necessary regulations and surveillance.
“Regulation is very critical in a sector that has grown so incredibly rapidly,” he noted. “We recently conducted a thorough review of illicit flows and money laundering, especially in the lightly regulated non-banking financial sector. This follows issues that emerged with cryptocurrencies and our subsequent advisories.”
The CBN’s renewed focus on stringent regulatory measures aims to ensure the stability and integrity of the financial system while fostering a conducive environment for fintech innovation and growth.