The Central Bank of Nigeria (CBN) has issued a directive to four fintech companies, instructing them to halt the onboarding of new customers pending further notice.
The affected fintechs OPay, Palmpay, Kuda Bank, and Moniepoint have been linked to allegations of accounts being used for illicit foreign exchange transactions.
Representatives from two of the companies confirmed that the CBN’s order is related to these allegations.
However, they noted that the directive might be misdirected, as the majority of the implicated accounts belong to commercial banks, not fintech platforms.
Zebra News had earlier reported that the Economic and Financial Crimes Commission (EFCC) recently secured a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
It also cited the need to preserve the funds in the identified bank accounts pending the conclusion of the investigation and possible prosecution.
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