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CBN Clears OPay, Kuda, Others To Resume New Customer Onboarding

Rita Elenwo June 4, 2024

Less than a minute

The Central Bank of Nigeria (CBN) has lifted its ban on OPay, Moniepoint, Kuda, Palmpay, and Paga, clearing the way for the fintechs to resume onboarding new customers.

After five weeks of suspension the apex bank stopped the fintechs from onboarding new customers over concerns that their accounts were being used for illicit foreign exchange transactions.

While the CBN has not issued any official statement regarding that, two of the affected fintechs, OPay and Kuda confirmed the development in separate messages to their customers on Monday.

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Rita Elenwo June 4, 2024

Less than a minute

Rita Elenwo

Rita Aletor- Elenwo, is a professional journalist with experience in broadcast, print and online reporting. A proud citizen of Edo state, Nigeria (Esan South East Local Government) Rita had her first degree in philosophy from Ebonyi State University (2008), PGD, in Communication from the University of Port Harcourt (2020), and currently in pursuit of an MSC degree in communication. Rita (nee Aletor-) is happily married with lovely children.