CBN ORDERS MONIEPOINT, KUDA, OTHERS TO STOP ONBOARDING NEW CUSTOMERS

The Central Bank of Nigeria (CBN) has directed fintech companies to stop onboarding new customers until further notice.

This directive is coming few months after the CBN mandated all financial institutions to collect ID cards before creating financial accounts, which contradicts a 2013 Central Bank rule designed to support financial inclusion that allowed Nigerians to open accounts without identity cards.

In addition, the Nigeria Inter-Bank Settlement System (NIBSS) asked banks and mobile money operators to delist unlicenced fintechs from directly accepting consumer deposits.

One of the affected fintech companies, which published the notice on its website confirmed this directive from CBN.

The notice reads, “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”

Meanwhile, the platform confirms that outgoing and incoming transactions are unaffected.

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