OPay, a one-stop mobile-based platform for payments and other essential services, has temporarily suspended onboarding of new customers and opening new wallets following directives from the Central Bank of Nigeria (CBN). The Explainer recalls that the Central Bank of Nigeria banned mobile money operators, including fintech firms, from onboarding new customers.
However, the Bank Customers Association of Nigeria supported the CBN directive.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, preventing them from opening new accounts until further not
Reacting to the ban, in a notice signed by the management and seen by The Explainer, the company said in support of government initiatives to sanitize the financial industry, OPay and other fintechs have temporarily suspended onboarding new customers and opening new wallets.
“This proactive measure underscores our commitment to fostering a secure financial environment and addressing money laundering and other illicit activities effectively.
“We emphasize that existing accounts and wallets are unaffected by these changes, and we reassure our valued customers of our unwavering dedication to safeguarding their funds and protecting their data.
“Customer satisfaction remains our top priority, and we remain steadfast in our commitment to driving financial inclusion and economic empowerment as a pivotal stakeholder in Nigeria’s financial ecosystem.”
Speaking further, the management said OPay reaffirms its unwavering commitment to collaborating closely with the Central Bank of Nigeria (CBN) and other regulatory organizations/government agencies in the ongoing effort to combat money laundering, fraudulent activities, terrorism financing, and illicit financial activities perpetrated by unscrupulous individuals or groups.
“As a regulatory-compliant institution, OPay diligently adheres to the directives of the CBN and other regulators, recognizing the paramount importance of preserving the financial system’s integrity and fostering transparent engagements.
“To this end, we have in the past taken decisive actions, including the closure of non-compliant accounts, the implementation of stringent security measures across our platform, and proactive customer education initiatives to combat fraud and related activities.”
