The Central Bank of Nigeria (CBN) has announced that it will soon reverse its decision and allow mobile money operators, including fintech firms OPay, Palmpay, Kuda Bank, and Moniepoint, to resume enrolling new customers within the next few months.
CBN governor, Olayemi Cardoso, disclosed this at the end of the apex bank’s 295th Monetary Policy Committee (MPC) in Abuja on Tuesday, May 21, 2024.
TimesNow.com.ng had earlier reported that the CBN suspended fintech firms from opening new customer accounts, citing irregularities with its Know Your Customer (KYC) policy.
Speaking to journalists at the end of the MPC meeting, the CBN governor said it had engaged many players on the need to strengthen their operations.
Punch reports that he noted that the decision is part of the government’s efforts to block money laundering and illicit flows in the country.
Cardoso said:
CBN governor also denied suggestions that his leadership wants to clamp down on fintech firms’ operations.
He said:
He said the apex bank has worked extensively with security agencies to identify sub-sector areas requiring stricter regulations and enhanced surveillance.
Cardoso added:
Earlier, TimesNow.com.ng reported that the CBN announced stopping daily Cash Reserve Requirement (CRR) debits for banks.
The apex bank said it would adopt an updated CRR mechanism intended to facilitate banks’ capacity for planning, monitoring and aligning with records with the CBN.
This was disclosed in a letter addressed to all banks and signed by Adetona Adedeji, the acting director of the banking supervision department.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
