The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced that the licenses of fintech companies such as Moniepoint and Opay have not been revoked. Cardoso made this clarification in a communiqué following Tuesday’s Monetary Policy Committee meeting in Abuja.
Cardoso emphasized that the CBN does not oppose fintech operations. His statement comes in response to recent actions by the CBN, which included restricting OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers due to allegations of accounts being used for illicit foreign exchange transactions.
“CBN is not against fintechs and has not revoked the license of any fintech organization. However, there is a need to strengthen regulation in the sector to check against leakages,” Cardoso stated.
He reiterated the CBN’s commitment to ensuring the stability and integrity of the financial system, saying, “It’s our responsibility to ensure it (the banking system) remains sound, safe, and fit for purpose.”
Additionally, Cardoso highlighted the recent adjustment in the interest rate, which the CBN raised to 26.25 percent from 24.75 percent in March, aiming to combat the rising inflation that reached 33.69 percent in April.
