The Central Bank of Nigeria (CBN) has fined both Moniepoint and OPay N1 billion each during the second quarter of 2024 as part of its intensified oversight of fintech companies.
This move follows a routine audit of the fintech sector, which revealed compliance issues with regulatory standards.
The fines were part of a broader crackdown on regulatory violations within the rapidly growing fintech industry. The CBN has increasingly relied on financial penalties to enforce regulatory adherence, with several other fintech companies also being penalized.
OPay has refuted the claims, stating, “We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of N1 billion for regulatory infractions.”
Moniepoint has declined to comment on the matter.
Get instant and latest news updates via Our WhatsApp Community, X/Twitter or Google News online channel.
