Mobile Money Operators to Resume Customer Onboarding in a Few Months, Says CBN

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech companies like OPay, Palmpay, Kuda Bank, and Moniepoint, will start onboarding new customers again “in a few months.”

CBN Governor Olayemi Cardoso made this announcement during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the MPC raised the interest rate from 24.75 percent to 26.25 percent.

Cardoso explained that the CBN has been working with these companies to enhance their operations. To combat money laundering and illegal financial activities, the bank has introduced measures to improve the onboarding process and manage existing clients.

“I believe that in a few months, these issues will be resolved, and the sector will return to its previous activities but with a much stronger regulatory framework,” Cardoso said.

In April, the CBN halted the onboarding of new customers by fintech companies, a decision seen by some as a crackdown on the financial sub-sector. When questioned, Cardoso refuted claims of a clampdown, emphasizing that fintech firms have not been singled out for special treatment. He praised the achievements of fintech companies and reiterated the CBN’s commitment to supporting them.

Cardoso noted the importance of regulation in a rapidly growing sector, especially in preventing illicit financial flows. He cited concerns about money laundering and the need for heightened surveillance, especially in less regulated areas like cryptocurrency.

The CBN has collaborated with security agencies to identify areas where regulations and surveillance need to be strengthened. Cardoso clarified that the intention is to bolster regulations, not to shut down fintech companies, and confirmed that no fintech licenses have been revoked.