TechCabal report that it could not open new accounts on the affected fintech apps and that Customer deposits and banking activities are not affected.

It added that an executive at one of the affected fintechs told TechCabal that the directive is linked to the EFCC’s ongoing investigation into bank accounts involved in unauthorised FX dealings.

It further said that on April 26, the Central Bank and the National Security Agency (NSA) held talks with representatives of the affected fintechs on Friday, a person with knowledge of the meeting told TechCabal.

“The CBN feels like a lot of crypto traders were leveraging the fintech platforms to disrupt the FX market,” another person with knowledge of the conversations said.

“The banks also have a better relationship with the regulator while fintechs are yet to build that type of relationship and help their perception with the CBN.”

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