CBN halts Opay, Palmpay, Kuda, Moneypoint, other leading fintech platforms amid forex scarcity

By Ologeh Joseph Chibu

The Central Bank of Nigeria, (CBN) has stopped customers’ access to OPay, Palmpay, Kuda Bank, and Moniepoint.

This comes amidst reports of forex scarcity.

The Central Bank of Nigeria (CBN) has instructed OPay, Palmpay, Kuda Bank, and Moniepoint to cease onboarding new customers until further notice, citing alleged involvement in illicit forex activities.

The directive comes amidst accusations that these platforms funnel cryptocurrency and manipulate the value of the naira.

Sources told Irohinodua that the CBN views the ban on new account openings as necessary to combat money laundering, which has contributed to the recent decline in the naira’s value against the dollar. As of Monday evening, the naira traded at N1350 against the dollar, marking a setback from its previous gains, reaching N950 in early April.

Earlier, a Federal High Court in Abuja granted an interim order, requested by the Economic and Financial Crimes Commission (EFCC), to freeze 1,146 bank accounts linked to individuals and companies allegedly involved in illegal forex transactions. The court also approved the EFCC’s request to conclude the investigation within 90 days.

However, industry insiders have raised concerns about the CBN’s directive, suggesting that it may have been misdirected since most of the accounts implicated are held with commercial banks.

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