The Central Bank of Nigeria (CBN) as part of a move to sanitise the fintech industry over money laundering and terrorism financing has restricted all fintech operators from opening new accounts until further notice.
Some of the fintech operators include the likes of OPay, Palmpay, Kuda Bank, Fairmoney and Moniepoint.
According to several reports, the move is also linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
The Punch Newspaper report that the apex bank had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.