The Central Bank of Nigeria (CBN) has lifted the ban on onboarding new customers earlier imposed on five fintech startups in the country: Paga, OPay, Kuda, Palmpay, and Moniepoint.
It takes effect immediately.
Opay, sighted by our reporter confirmed the news on its app and X handle.
“We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users. This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities,” the company stated.
Kuda, one of the suspended fintechs also took to social media to announce the news.
“As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place.
“Based on the work we’ve done, we’ll resume signing up new customers this week,” the post read.
The fintechs have announced stricter rules for users so as to comply with CBN KYC rules.
Kuda, over the past weeks has taken to its app to remind users that it has set the following requirements to open a Tier 3 account: Customers must provide their NIN, BVN, and proof of address, which will then be subject to address verification.
Recall, the deadline given to the fintechs to meet Know Your Customer, KYC, and other regulatory requirements was May 31.
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