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By Chinelo Obogo and Chineye Anuforo
The Central Bank of Nigeria (CBN) has issued a directive to four fintech companies, instructing them to halt the onboarding of new customers pending further notice.
Four Nigerian fintech companies, OPay, Palmpay, Kuda Bank, and Moniepoint, are reportedly affected by the directive.
When Daily Sun contacted PalmPay, it confirmed receiving a directive from the CBN. The public relations manager of the company, Enitan Tanimowo, however clarified that the specifics of the directive are not yet public.
“We received the directive, just like other fintech companies. However, the CBN has not yet issued a full public statement outlining the details for customers, investors, and the general public,” she said.
While PalmPay could not comment on the exact nature of the directive, she acknowledged the importance of regulations in the FinTech industry.
“The surge in digital payments has undeniably driven industry growth. But this progress needs to be accompanied by strong checks and balances to address the growing problem of fraud,” she said.
Tanimowo emphasised PalmPay’s commitment to finding the right balance between growth and security, saying, “We fully support implementing effective measures to mitigate risks,” she said.
