Central Bank of Nigeria (CBN) has lifted restrictions on fintech companies, allowing them to resume onboarding new customers. This development comes after a six-week freeze that was imposed due to concerns over peer-to-peer cryptocurrency trading.
According to reports, Kuda Microfinance Bank and OPay have confirmed that they have received approval from the CBN to resume onboarding new customers.
To address the concerns raised by the CBN, fintech companies were required to implement additional account controls and adhere to Know Your Customer (KYC) verification procedures.
The CBN’s decision to lift the restrictions is a testament to the growing importance of fintech companies in Nigeria’s financial landscape.
With the ability to resume onboarding new customers, Kuda and OPay can continue to provide innovative financial services to the Nigerian market.
The lifting of restrictions on fintech companies is a positive development for Nigeria’s financial sector.
As the fintech industry continues to evolve, it is essential that regulatory bodies like the CBN work closely with stakeholders to ensure that innovations are balanced with regulatory oversight.
With Kuda and OPay resuming onboarding new customers, the Nigerian fintech space is poised for further growth and innovation.
