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.
FINTECHS TO ADHERE TO
CBN REQUIREMENTS
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.
“We are thrilled to announce that the Central Bank of
Nigeria has given OPay the thumbs up to resume onboarding new users,” OPay
said.
“This milestone highlights our dedication to following the
rules, keeping your information safe and secure, and preventing any shady
activities.
“Furthermore, it is imperative to reiterate that OPay
strictly adheres to the approved KYC verification processes and urges our
esteemed customers to ensure that the due verification process is followed for
all accounts and all requirements are completely fulfilled.
“We thank all our
amazing customers for your understanding, support, patience and vote of
confidence during this time as we navigated carefully thought-through and
essential requirements set by the Central Bank of Nigeria.
“Our mission remains the same: to make financial services
more inclusive through technology, make transactions a breeze, and provide a
hassle-free payment experience for all Nigerians. And, we’re not stopping
there! Keep an eye out for new and exciting features on the OPay app.”
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.
“As you probably
already know, we’ve been working with the CBN to meet recent regulatory
requirements by putting more account controls in place,” Kuda said.
“Based on the work we’ve done, we’ll resume signing up new
customers this week.”
Kuda said customers’ national identification number (NIN),
bank verification number (BVN) and proof of address — followed by address
verification — are required to open a tier 3 account.
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