The Central Bank of Nigeria (CBN) has reportedly directed Moniepoint, OPay, Kuda Bank, and Palmpay to restrict new account openings.
This follows the recent freezing of 1,146 bank accounts linked to unauthorised forex transactions to prevent further illegal activity.
When this reporter attempted to open an account with some of the fintechs as of the time of writing, the display message read, in part, "Sign up is currently unavailable. Please check back later.”
Meanwhile, the platform confirms that outgoing and incoming transactions are unaffected.
The government has recently been unwavering in its fight against fraud. On April 26, 2024, a Nigerian Federal High Court granted an interim order requested by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and businesses suspected of engaging in illegal foreign exchange transactions.
The EFCC's investigation includes money laundering and terrorism financing.
Besides, in October 2023, Fidelity Bank, a Nigerian commercial bank, restricted transactions to fintechs such as Moniepoint, Kuda, OPay, and PalmPay due to concerns about increased fraud. #NaijaEntertainmentNews
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