Safiu Kehinde
The Central Bank of Nigeria (CBN) has slammed fines of N1 billion each to Opay and Moniepoint in the recent sanction of fintech companies over breach of financial regulations.
Owing to their increased size and influence, Opay and Moniepoint received the largest fine amongst other fintech companies sanctioned by the apex bank.
The sanctions came following a routine CBN audit which flagged compliance infractions by the companies.
According to TechCabal, the key concern which would have aided the fines was the fintechs operation under a microfinance bank licenses intended for smaller businesses which they have outgrown.
The CBN also imposed sanctions based on KYC (Know Your Customer) compliance.
This reportedly led to a 2-month customer onboarding ban for several fintechs earlier this year.