CBN Gov speaks on revoking licenses of Moniepoint, Opay, others

 

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria.

Cardoso disclosed this in a communiqué from Tuesday’s Monetary Policy Committee meeting in Abuja.

He noted that CBN is not against fintechs.

His reaction comes weeks after the bank restricted OPay, Palmpay, Kuda Bank and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.

Cardoso stressed the need for CBN to strengthen financial regulations to check against leakages.

“CBN is not against fintechs and has not revoked the license of any fintech organization. However, he stressed the need to strengthen regulation in the sector to check against leakages”, he said.

He added, “It’s our responsibility to ensure it (the banking system) remains sound, safe, and fit for purpose.”

The CBN raised the interest rate to 26.25 per cent from 24.75 in March to tackle inflation, which soared to 33.69 per cent in April.


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Youths beat LG Chair to Stupor in Niger

Tinubu to depart Lagos to South Africa

Terry G alleges Cultism in Nigerian music industry

Dalung attacks Tinubu for asking Nigerians to pay sacrifice amid suffering

Youths beat LG Chair to Stupor in Niger

Tinubu to depart Lagos to South Africa

Terry G alleges Cultism in Nigerian music industry

Dalung attacks Tinubu for asking Nigerians to pay sacrifice amid suffering