HomeFin-TechNigerian Fintech Giants OPay and Kuda Microfinance Bank Cleared to Onboard New...

Nigerian Fintech Giants OPay and Kuda Microfinance Bank Cleared to Onboard New Customers

The Central Bank of Nigeria (CBN) has given the green light to two leading fintech companies, OPay and Kuda Microfinance Bank, to resume onboarding new customers.

The decision comes after a temporary pause that was implemented in late April 2023 amid allegations of illicit foreign exchange transactions.

In separate statements released on Monday, both OPay and Kuda announced that the CBN has authorized them to start enrolling new users on their respective platforms.

“This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities,” said OPay in its statement.

The company further emphasized its mission, stating, “Our mission remains the same: to make financial services more inclusive through technology, make transactions a breeze, and provide a hassle-free payment experience for all Nigerians. And, we’re not stopping there! Keep an eye out for new and exciting features on the OPay app.”

Similarly, Kuda Bank announced that it will resume registering new customers this week. The company said it has been collaborating with the CBN to fulfill recent regulatory requirements by putting more controls in place.

“As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place,” Kuda said. “Based on the work we’ve done, we’ll resume signing up new customers this week.”

The temporary pause on new customer enrollment was implemented by the CBN on April 29, 2023, following allegations that the fintech platforms were being used for unauthorized foreign exchange transactions. This led to the Economic and Financial Crimes Commission (EFCC) obtaining a court order to freeze over 1,000 bank accounts belonging to individuals and companies.

However, it was later discovered that the majority of the accounts were operated by commercial banks, with only about 10% being domiciled with the fintech companies.

The lifting of the onboarding restrictions on OPay and Kuda is seen as a positive development for the Nigerian fintech landscape, as it will allow these companies to continue their efforts to drive financial inclusion and innovation in the country.

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