The Central Bank of Nigeria (CBN) has not revoked the licenses of Moniepoint, Opay, and other fintech companies operating within the country, according to CBN Governor Olayemi Cardoso. This clarification was made in a communiqué released following the Monetary Policy Committee meeting in Abuja on Tuesday, May 21, 2024.
Governor Cardoso addressed recent actions by the CBN, which included restricting OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers due to allegations of their platforms being used for illicit foreign exchange transactions. Despite these restrictions, Cardoso emphasized that the CBN is not opposed to the operations of fintech companies.
“CBN is not against fintechs and has not revoked the license of any fintech organization. However, there is a need to strengthen regulation in the sector to check against leakages,” Cardoso stated.
The CBN governor underscored the importance of ensuring the banking system remains sound, safe, and fit for purpose. This statement comes in the context of the CBN’s broader efforts to tighten financial regulations and enhance oversight to prevent financial misconduct and ensure the integrity of the financial system.
In related developments, the CBN has raised the interest rate to 26.25 percent from 24.75 percent in March as a measure to combat rising inflation, which reached 33.69 percent in April. This move is part of the CBN’s ongoing strategy to stabilize the economy and control inflationary pressures.
