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 to DAILY POST on Monday. 'I can that confirm that 90 per cent of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10 per cent are with fintechs.
'Why then has the CBN not extended this directive to the commercial banks? We face a widespread issue here, and targeting fintechs seems like an unfair focus on the more vulnerable targets,” one source who preferred anonymity explained. Meanwhile, as of the time of filing the report, none of the four firms have responded to the development. The development comes amid clamped down on currency speculators in the foreign exchange market.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stop using forex as collateral for Naira loans, CBN warns bank customersThe CBN, on Monday, warned bank customers against the use of foreign currency as collateral for naira loans.
Read more »
U.S. Mayor okays CBN’s forex policy, economic plansThe Nation Newspaper U.S. Mayor okays CBN’s forex policy, economic plans
Read more »
Naira fails to appreciate against Dollar in forex market despite CBN interventionThe Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria's recent additional release of $10,000 to Bureau De change operators. FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
Read more »
Forex Management Unsuccessful Without Economic Stability, Okonkwo Knocks CBNAccording to the former spokesman for the Obi-Datti Presidential Campaign, the duty of the CBN is to ensure macroeconomic sustainability.
Read more »
ABCON rallies support for CBN’s forex policiesAssociation of Bureaux De Change Operators of Nigeria (ABCON) has expressed its support for the Central Bank of Nigeria’s (CBN) recent directive that prohibits the use of Non-Export Domiciliary Account Collateral for securing naira loans.
Read more »
BDC operators want CBN to restrict non-oil exporters from accessing forexThe Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to restrict access to foreign exchange (FX) for non-oil exporters holding domiciliary accounts.
Read more »