Nigerian fintech firms OPay, Kuda Bank, Moniepoint and PalmPay were directed to pause the creation of new accounts amid an ongoing audit of their KYC processes.
The Central Bank of Nigeria (CBN) directed four fintech companies to stop onboarding new customers amid Nigeria’s ongoing efforts to strengthen Know Your Customer (KYC) compliance in crypto and traditional investing.
Nigerian fintech firms OPay, Kuda Bank, Moniepoint and PalmPay have paused the creation of new accounts amid an ongoing audit of the KYC process, according to the African publication TechCabal. The report quoted a person familiar with the situation:
The onboarding restriction comes right after the Nigerian law enforcement agency, the Economic and Financial Crimes Commission (EFCC), blocked 1,146 bank accounts involved in unauthorized forex dealings.