CBN orders mobile money operators to stop onboarding new customers

The Central Bank of Nigeria (CBN) has reportedly moved to stop mobile money operators including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers.

The affected fintech companies were reported to have accounts being used for illicit foreign exchange transactions.

OPay confirmed the development in a statement on Tuesday, saying it had paused the onboarding of new customers to support government efforts to clean up the financial industry.

Meanwhile, Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC), an interim order to freeze 1,146 bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering and terrorism financing.

The judge ordered that the accounts be frozen pending the conclusion of investigations