The Central Bank of Nigeria has reportedly told Moniepoint, OPay, Kuda Bank, and Palmpay not to open new accounts.
This comes after over 1,100 accounts were frozen to stop illegal forex deals. When trying to sign up for accounts, people saw a message saying, ‘Sign up is not available right now. Try again later.’ But, don’t worry, transactions are still okay.
The government is cracking down on fraud. Recently, a court agreed to freeze over 1,100 accounts suspected of illegal forex stuff. They’re looking into money laundering and terrorism financing too.
Also, a bank limited transactions with some fintechs because of fraud worries. And, in December 2023, OPay and PalmPay started using ID numbers to prevent fake accounts.
The Central Bank is serious about this. They’ve even frozen accounts without ID numbers to keep things stable.
On April 26, 2024, a fintech company got a licence to fight financial crime. And, in June 2022, the Central Bank said over 6,000 accounts were flagged for fraud.
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