Nifemi Babasanmi
Moniepoint and OPay, two of Nigeria’s popular fintechs, have been fined N1 billion each by the Central Bank of Nigeria (CBN) for regulatory infractions in the second quarter of 2024.
However, OPay has refuted the claims, stating that the reports are “totally false”.
According to a source, four other fintechs were also penalized, although the specific details of their fines remain undisclosed.
The fines were imposed following a routine audit conducted by the apex bank on their records for non-compliance with operational guidelines.
The financial apex body said the decision is part of its efforts to strengthen regulatory oversight in the fintech industry. The apex bank has been expressing concerns about fintechs’ compliance with Know Your Customer (KYC) processes and operational guidelines.
“The CBN imposed a two-month ban on customer onboarding for some fintechs, including Kuda Bank and Palmpay, citing non-compliance with KYC standards in April 2024
The CBN’s regulatory inspections are a standard procedure to ensure compliance with monetary guidelines.
“In 2023, Nigerian banks paid a combined N678 million in penalties, while in October 2024, the CBN and the Securities and Exchange Commission (SEC) slammed N15 billion fine on 10 commercial banks for various infractions.
