The Central Bank of Nigeria (CBN) has halted the onboarding of new customers by mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint.
A bank source confirmed the action but noted that no official circular had been issued by the apex bank regarding this decision.
The restriction was reportedly due to these fintech companies having accounts that were being used for illicit foreign exchange transactions.
In related developments, Justice Emeka Nwite of the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts held by various individuals and companies. These accounts are under investigation for alleged offenses related to unauthorized forex exchange dealings, money laundering, and terrorism financing.
The judge has ordered that the accounts remain frozen pending the conclusion of the investigation.