Foreign media: Four Nigerian fintech companies suspend opening new accounts

01/05/2024 13:57

The Central Bank of Nigeria (CBN) has directed four fintech companies to stop opening new accounts, citing the possibility that they could be used by cryptocurrency traders, the directive affects Moniepoint, Palmpay, Opay and Kuda, sources familiar with the matter said. The CBN issued the directive shortly after Nigeria’s anti-corruption body, the Economic and Financial Crimes Commission (EFCC), froze more than 1,140 bank accounts suspected of being linked to illegal foreign transactions, Techcabal reported. The report also cited a statement from a fintech company indicating that the account freeze was temporary. An executive at a fintech company similarly confirmed that the suspension on opening new accounts was only temporary. The executive also linked the CBN’s directive to an ongoing audit of the KYC processes of the affected fintech companies. Sources revealed that the CBN and Nigeria’s National Security Agency (NSA) approached the four companies before issuing the directive. An NSA spokesperson denied any connection to the directive to stop opening new accounts. The CBN did not immediately respond to a request for comment. (Bitcoin.com) Previously on April 25, in response to the news that "the Central Bank of Nigeria asked financial institutions to freeze the accounts of users related to Bybit, KuCoin, OKX and Binance Exchange", the Central Bank of Nigeria (CBN) issued a statement on the X platform to clarify that the CBN official did not issue the notice, and the public should check the official website for the latest information to ensure the reliability of the news.

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