Four Nigerian fintech companies, including OPay, Palmpay, Kuda Bank, and Moniepoint, have been instructed by the Central Bank of Nigeria (CBN) to cease onboarding new customers amid allegations of their accounts being used in illicit foreign exchange transactions.
Though some of the implicated companies have acknowledged the CBN's directive, they have raised concerns that the majority of accounts involved are held by commercial banks rather than fintech platforms.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) has obtained a court order to freeze over 1,100 bank accounts linked to individuals and companies allegedly involved in illegal foreign exchange transactions, money laundering, and terrorism financing. The EFCC has requested the account freeze to preserve the funds while investigations are ongoing.
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