The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said on Tuesday that mobile money operators including OPay, Palmpay, Kuda Bank, and Moniepoint would be allowed to resume the enrolment of new customers in another couple of months.
Cardoso, who disclosed at the 295th Monetary Policy Committee (MPC) of the apex bank in Abuja, said the CBN has not revoked the licenses of any of the fintech companies.
He added that the apex bank has engaged many of the players on the need to strengthen their operations.
Cardoso said the CBN in a bid to block money laundering and illicit flows brought up remedial measures that would help that sector to tighten up on onboarding and even the existing client base.
“I am confident that as time goes on, and hopefully in another couple of months, all these will be something of the past and then you will see that sector going back into what they’ve been known to do before, but certainly with a very stronger regulatory framework,” he said.
The apex bank in April stopped fintech companies from onboarding new customers, a move that was seen as a clampdown on the financial sub-sector.
When asked why the apex bank took the decision, the CBN chief described reports that the CBN has decided to clamp down on fintech firms as fake news.
“The fintechs have not been singled out for any exceptional kind of treatment. The CBN remained proud of the exploits of fintech firms in the last number of years and the apex bank will continue to support and strengthen them.
“However, regulation is very critical in a sector that seems to have grown so incredibly rapidly.
“More recently, we had the course to take a deep dive look at the whole issue of illicit flows and money laundering particularly within the non-heavy regulated banking system and we all know some of the issues that came out with cryptos and some of the messages we put out after that, which of course gave us some course to know that there is the need for heightened surveillance,” Cardoso stated.
By: Babajide Okeowo
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