CBN stops four fintech banks from onboarding new customers

The Central Bank of Nigeria, CBN, has ordered four fintech companies to stop onboarding of new customers pending further notice.
The affected fintechs- OPay, Palmpay, Kuda Bank, and Moniepoint have been reportedly linked to allegations of accounts being used for illicit foreign exchange transactions.
Representatives from two affected firms confirmed the development on Monday.
The development comes amid clamped down on currency speculators in the foreign exchange market.
Recently, the Court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.