- By Halimah Olamide
The Central Bank of Nigeria (CBN), has ordered four fintech firms, to suspend onboarding new customers till further notice.
The concerned firms including Opay, Palmpay, Kuda and Moniepoint.
This is coming few hours after the freezing of 1,146 bank accounts linked to illicit foreign transactions.
According to reports, representatives from two of the companies acknowledged that the CBN’s directive is connected to these allegations.
However, they expressed concerns that the directive might be misdirected, highlighting that the majority of the implicated accounts are held by commercial banks rather than fintech platforms.
Recall that NPO reported that the Economic and Financial Crimes Commission (EFCC) had obtained a court order to freeze at least 1,146 bank accounts owned by individuals and companies allegedly involved in illegal foreign exchange transactions.
The EFCC is also investigating other offences, including money laundering and terrorism financing.
The commission stated in its request for the account freeze that its preliminary investigation indicated the accounts were linked to individuals exploiting virtual cryptocurrency exchange platforms to manipulate the Naira’s value illegally and launder proceeds from unlawful activities.