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CBN clears fintechs to resume new customer onboarding

The Central Bank of Nigeria has lifted its ban on onboarding new customers imposed on prominent fintech startups

The Central Bank of Nigeria (CBN) has lifted the restriction imposed on OPay, Moniepoint and other Fintech companies, allowing them to resume onboarding new customers.

On April 29, 2024, the CBN issued an order to fintech companies to cease accepting new clients. Days had passed since 1,146 accounts were barred from engaging in peer-to-peer cryptocurrency trading over concerns that they were being used for illicit foreign exchange transactions.

On May 20, 2024, the CBN had given requirements to lift the onboarding freeze. These requirements included requiring physical address verification for all account levels and prohibiting P2P cryptocurrency transactions. Additionally, the fintechs were requested to update their customer facial verification systems. The entire restriction period took about five weeks.

Although the CBN has yet to release an official statement on lifting the restrictions, affected fintechs, like Kuda and OPay, confirmed the restrictions were lifted in separate communications to their customers on Monday.

For instance, OPay, via its X handle, said, “We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users. This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities.”