Leading fintech companies OPay and Kuda Microfinance Bank have announced that they are resuming new customer onboarding.
This follows the clearance received from the Central Bank of Nigeria (CBN), which had previously directed a temporary halt to new customer enrollments.
On April 29, the CBN issued a directive requiring fintech firms to pause the registration of new customers as part of broader federal government efforts to clamp down on illicit foreign exchange transactions and the unregulated operations of cryptocurrency exchanges like Binance.
This suspension came in the wake of an April 24 ruling by a Federal High Court in Abuja, which granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts linked to unauthorized foreign exchange dealings.
An analysis revealed that 90 percent of these accounts were held by commercial banks and the remaining 10 percent by fintech.
In statements released on Monday, both OPay and Kuda Microfinance Bank welcomed the CBN’s decision, emphasizing their commitment to adhering strictly to the approved Know Your Customer (KYC) verification procedures.
