CBN: Cardoso reveals his position on the revocation of licenses of Moniepoint, Opay and other fintech banks

Central Bank of Nigeria Governor Olayemi Cardoso said the apex bank has not revoked the licenses of Moniepoint, Opay and other fintech banks operating in Nigeria.

Cardoso disclosed this in a statement at Tuesday’s Monetary Policy Committee meeting in Abuja.

He noted that the CBN is not against fintech.

Their reaction comes weeks after the bank banned OPay, Palmpay, Kuda Bank and Moniepoint from onboarding new customers over allegations that accounts are used for illicit foreign exchange transactions.

Cardoso highlighted the need for the CBN to strengthen financial regulations to control leakages.

“CBN is not against fintech and has not revoked the license of any fintech organization. However, he highlighted the need to strengthen regulation in the sector to control leaks,” he said.

He added: “It is our responsibility to ensure that (the banking system) remains robust, secure and fit for purpose.”

DAILY POST reports that the CBN raised the interest rate to 26.25 percent from 24.75 percent in March to address inflation, which soared to 33.69 percent in April.