The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like Opay, Palmpay, Kuda, and Moniepoint Microfinance Banks, will resume enrolling new customers in a couple of months. The disclosure was made by CBN Governor, Mr. Olayemi Cardoso, at the end of the 295th Monetary Policy Committee (MPC) meeting of the apex bank in Abuja on Tuesday.
Governor Cardoso explained that the CBN has engaged many of the players on the need to strengthen their operations. He emphasized that, in a bid to block money laundering and illicit financial flows, the CBN introduced measures designed to tighten the sector for both new and existing clients.
The decision to temporarily halt the registration of new customers by these mobile money operators was initially implemented as part of a broader strategy to ensure the integrity of financial transactions within the country. By engaging directly with these fintech companies, the CBN aims to reinforce compliance with anti-money laundering regulations and other financial safeguards.
During his address, Governor Cardoso highlighted the importance of these measures in maintaining the stability and security of Nigeria’s financial system. He noted that while the suspension has been a necessary step to address immediate concerns, the CBN is committed to supporting the growth and development of the fintech sector. By resuming customer enrollment in the coming months, the CBN aims to balance regulatory oversight with the need for innovation and financial inclusion.
The resumption of new customer registrations is expected to be accompanied by enhanced monitoring and compliance requirements for the fintech operators. This will ensure that these companies can continue to provide essential financial services while adhering to the highest standards of operational integrity.