The Central Bank of Nigeria (CBN) has ordered four fintech companies: OPay, Palmpay, Kuda Bank, and Moniepoint to discontinue opening of new bank account for intending customers.
The directive followed allegations of some accounts on the fintechs platforms being used for illicit foreign exchange transactions.
Some intending customers who attempted to open new accounts on the fintechs reported difficulty in doing so.
Customer deposits and other banking activities are not affected as existing customers could still carry out transactions.
The Economic and Financial Crimes Commission (EFCC) recently secured a court order to freeze 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
Some of the accounts are believed to be on the platforms of the affected fintechs companies.
