Opay, Moniepoint and others will register new clients starting in July

The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech companies such as Opay, Palmpay, Kuda and Moniepoint Microfinance Banks, will resume enrolling new customers within a couple of months.

The disclosure was made by the CBN Governor, Olayemi Cardoso, at the end of the 295th meeting of the Monetary Policy Committee (MPC) of the top bank in Abuja on Tuesday.

Olayemi said the CBN has engaged many of the stakeholders on the need to strengthen its operations. He said in a bid to block money laundering and illicit flows, CBN put forward measures that will strengthen the sector for both new and existing customer base.

He said: “I am sure that as time goes on, and hopefully in another couple of months, this will all be a thing of the past and then we will see the sector return to what it was known to do before, but certainly with a framework much stronger regulatory.”

When asked the reason why the CBN halted the onboarding of new fintech clients in April, Cardoso said reports that the top bank had decided to clamp down on fintech companies were “further from the truth.” .

“Fintechs have not received any type of exceptional treatment,” he reiterated.

He added that the CBN was proud of the fintech companies and their exploits in the previous years, assuring that the CBN would continue to support them amidst regulations and surveillance.

“Regulation is very critical in a sector that appears to have grown incredibly fast.

“More recently, we had cause to take a hard look at the whole issue of illicit flows and money laundering, particularly within the not-very-regulated banking system, and we all know some of the issues that have arisen with cryptocurrencies and some of the messaging. We left after that,” Cardoso said.