The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, will resume the enrolment of new customers in the coming months. This announcement was made by CBN Governor Olayemi Cardoso during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate was increased from 24.75% to 26.25%.
Governor Cardoso highlighted the CBN’s efforts to engage with mobile money operators to strengthen their operations and prevent money laundering and illicit financial flows. He assured that the measures being implemented would enhance the regulatory framework, allowing these operators to resume their services more robustly.
In April, the CBN had paused the onboarding of new customers by fintech companies, a decision that raised concerns about a clampdown on the financial sub-sector. However, Cardoso clarified that this was not a punitive action but a necessary step to address regulatory and security concerns within the rapidly growing fintech industry.
He emphasized the importance of regulation in the fintech sector, particularly in addressing issues of illicit financial flows and money laundering. The CBN’s decision to temporarily halt new customer enrolment was part of a broader strategy to enhance surveillance and regulatory measures in collaboration with security agencies.
Cardoso reaffirmed the CBN’s support for fintech innovations and denied any intentions to revoke the licenses of fintech firms. He stressed that the goal was to strengthen regulations to ensure a safer and more secure financial environment, without stifling the growth and contributions of fintech companies to the Nigerian economy.
