Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on Tuesday said “in another couple of months” fintech companies such as OPay, Palmpay, Kuda Bank, Moniepoint and mobile money operators will soon commence registration of new customers .
Olayemi Cardoso, CBN Boss disclosed this at the end of 295th Monetary Policy Committee (MPC), held today in in Abuja.
Accor to him the apex bank has engaged many of the players on the need to strengthen their operations.
Cardoso said to block money laundering and illicit flows, the apex bank brought up “remedial measures that will help that sector to tighten up on onboarding and even existing clientele base”.
“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework.”
On why CBN stopped the onboarding of new customers into fintech in April, Cardoso said reports that the apex Bank has decided to clamp down on fintech firms were “furthest from the truth”.
“The fintechs have not been singled out for any exceptional kind of treatment.”
He added that CBN was proud of the fintech firms and their exploits , while assuring that CBN would continue to support them amidst regulations and surveillance.
“Regulation is very critical in a sector that seems to have grown so incredibly rapidly.
“Most recently, we had cause to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavy regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that.”
He also re-emphasise that as “at this point in time, we have not revoked the licenses of any of the fintech organisations.”
