CBN Speaks on Revoking Moniepoint, Opay Licenses

The Central Bank of Nigeria (CBN) is tightening the reins on fintech operations, hinting at possible license revocations for those that step out of line.

This follows a recent incident where the CBN restricted new customer onboarding for major fintech players like Moniepoint, OPay, Palmpay, and Kuda Bank due to concerns over illicit foreign exchange transactions.

Governor Olayemi Cardoso, speaking at the recent Monetary Policy Committee meeting in Abuja, clarified the CBN’s position on the regulation of fintechs.

He emphasised that no fintech licenses have been revoked so far, countering rumours suggesting so. “CBN is not against fintechs and has not revoked the license of any fintech organisation.,” Cardoso assured, highlighting the apex bank’s commitment to nurturing a healthy financial ecosystem.

However, Cardoso didn’t mince words about the need for stricter regulation. “It’s our responsibility to ensure the banking system remains sound, safe, and fit for purpose,” he stated.

This move by the CBN to fortify financial regulations underscores a global trend where oversight of fintech operations is becoming increasingly stringent.