CBN has lifted restrictions on Moniepoint OPay, PalmPay and Kuda Bank

CBN has lifted restrictions on Moniepoint OPay, PalmPay and Kuda Bank

The Central Bank of Nigeria (CBN) has lifted the ban on new account openings for OPay, Moniepoint, Kuda, PalmPay, and Paga, which had been in place since April 2024 as a measure to combat fraud in the fintech industry. OPay reaffirmed its commitment to adhering to approved KYC verification processes and urged customers to ensure all account requirements are completely fulfilled. This statement, posted on OPay's social media handles, underscores the importance of strict compliance with verification protocols. The lifting of the ban on new account openings for OPay , Moniepoint, Kuda, PalmPay, and Paga is likely due to these fintech companies meeting the CBN's KYC standards. The ban, which started in April 2024 after the CBN froze 1,146 bank accounts linked to unauthorized forex transactions, was discussed in a May meeting between the neobanks, the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC), and the CBN. During the meeting, authorities instr…

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