CBN announces the resumption of customer onboarding for Nigerian fintech giants like OPay and Moniepoint. Governor Cardoso underscores the need for enhanced regulatory frameworks to combat money laundering.
The Central Bank of Nigeria (CBN) has announced the forthcoming resumption of customer onboarding for mobile money operators and fintech firms. Among the prominent players set to resume enrolment are OPay, Palmpay, Kuda Bank, and Moniepoint, following a temporary halt imposed in April.
The announcement came during the 295th Monetary Policy Committee (MPC) meeting of the apex bank in Abuja, chaired by CBN Governor Olayemi Cardoso. Alongside the news of customer onboarding resumption, the MPC also announced a hike in the interest rate from 24.75 percent to 26.25 percent, reflecting broader monetary policy adjustments.
Governor Cardoso highlighted ongoing engagements between the CBN and fintech operators to strengthen operational frameworks and mitigate risks associated with money laundering and illicit financial flows. He emphasized the importance of a robust regulatory framework to support the growth and stability of the fintech sector while addressing regulatory concerns.
Contrary to speculation about a crackdown on fintech firms, Governor Cardoso clarified that the CBN's actions were aimed at enhancing regulation and surveillance, rather than singling out the sector for punitive measures. He underscored the CBN's support for fintech innovation while emphasizing the necessity of effective regulation in a rapidly evolving financial landscape.
Acknowledging concerns about illicit flows within the non-heavy regulated banking system, Governor Cardoso emphasized collaborative efforts between the CBN and security agencies to strengthen regulations and surveillance. He reassured stakeholders that the CBN's objective was not to stifle innovation but to ensure a secure and resilient financial ecosystem.
The announcement signifies a potential shift in regulatory dynamics, with stakeholders hopeful for a return to normalcy in fintech operations under a strengthened regulatory framework. As the industry awaits further details on the resumption of customer onboarding processes, the CBN's commitment to supporting and regulating the fintech sector remains a focal point of interest for both industry players and observers alike.
