CBN Reveals Position On Revoking Licenses Of Fintech Banks

The Central Bank Governor, Olayemi Cardoso, has stated that the Central Bank of Nigeria (CBN) has not revoked the licenses of Moniepoint, Opay or any other fintech banks operating in Nigeria.

He disclosed this in a communique from Tuesday’s Monetary Policy Committee meeting held in Abuja, noting that the apex bank is not against fintechs.

His reaction comes weeks after the CBN 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 financial leakages.; Stating, “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 added, “It’s our responsibility to ensure that the banking system remains sound, safe, and fit for purpose".

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