CBN clears OPay, Kuda, others to resume new customer onboarding

The Central Bank of Nigeria (CBN) has lifted its ban on OPay, Moniepoint, Kuda, Palmpay, and Paga, clearing the way for the fintechs to resume onboarding new customers.  

This comes about five weeks after the apex bank stopped the fintechs from onboarding new customers over concerns that their accounts were being used for illicit foreign exchange transactions. 

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While the CBN has not issued any official statement regarding that, two of the affected fintechs, OPay and Kuda confirmed the development in separate messages to their customers on Monday.