The Central Bank of Nigeria (CBN) has implemented a measure to prevent mobile money operators, including fintech firms such as OPay, Palmpay, Kuda Bank, and Moniepoint, from accepting new customers.
Although a source at the bank confirmed this decision, no official circular was issued regarding the matter. The affected fintech companies have allegedly been involved in illicit foreign exchange transactions through their accounts.
In a separate development, Justice Emeka Nwite of the Federal High Court Abuja has granted the Economic and Financial Crimes Commission (EFCC) an interim order to freeze 1,146 bank accounts belonging to individuals and companies under investigation for various alleged offenses related to unauthorized forex trading, money laundering, and terrorism financing. The judge has ordered that these accounts remain frozen until the investigation is concluded.