With immediate effect, the Central Bank of Nigeria, or CBN, has reversed its prohibition on accepting new customers that was imposed on five well-known fintech companies: Paga, OPay, Kuda, Palmpay, and Moniepoint.
Opay declared on Monday via its official X handle that the ban has been lifted by the apex bank.
“We are happy to announce that OPay can now resume onboarding new users as the Central Bank of Nigeria has given us the go-ahead.”
This follows the expiration of the fintechs’ May 31 deadline for meeting Know Your Customer (KYC) and other regulatory standards.
Following the 295th Monetary Policy Committee (MPC) meeting, CBN governor Olayemi Cardoso hinted that the ban on four fintech banks will soon be lifted.
Cardoso went on to say that no fintech bank’s license was revoked by the central bank.
The move follows the CBN’s April 30 restriction on the four banks’ ability to accept new clients due to claims that they were being utilized for unauthorized foreign currency operations.
