Financial technology (Fintech) companies have resumed onboarding new customers.
In separate statements on Monday, OPay and Kuda Microfinance Bank announced the Central Bank of Nigeria (CBN) has authorised them to start enrolling users.
On April 29, CBN directed fintech companies to pause enrollment of new customers.
This followed the federal government’s effort to address illicit foreign exchange transactions in the country as well as operations of Binance and other cryptocurrency exchange platforms.
In a ruling delivered on April 24, a federal high court in Abuja granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.
An analysis of the 1,146 accounts blocked by the EFCC shows 90 percent of the accounts affected are operated by commercial banks, while 10 percent are operated by fintechs
OPay said it will strictly follow the approved know your customer (KYC) verification procedures and urged its customers to ensure that they complete the verification process for all accounts and meet all requirements.
Similarly, Kuda Bank announced it will resume registering new customers this week.
Kuda said the company has been working with the CBN to fulfil recent regulatory requirements by putting more account controls in place.
