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Cardoso Confirms No Licence Revocation for Moniepoint, Opay, and Others

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has clarified that the licences of Moniepoint, Opay, and other fintech banks have not been revoked.

Cardoso made this announcement during the Monetary Policy Committee meeting held on Tuesday in Abuja.

Cardoso’s statement comes in response to recent actions by the CBN restricting fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers.

These restrictions were due to allegations that some accounts were involved in illicit foreign exchange transactions.

“CBN is not against fintechs and has not revoked the licence of any fintech organization,” Cardoso emphasized.

He noted the importance of enhancing financial regulations to prevent financial system leakages. “It’s our responsibility to ensure the banking system remains sound, safe, and fit for purpose,” he added.

The governor also addressed the broader economic context, noting that the CBN recently raised the interest rate to 26.25% from 24.75% in March as a measure to combat rising inflation, which reached 33.69% in April.

This clarification aims to reassure stakeholders in the fintech sector about the CBN’s stance and commitment to a robust regulatory framework that supports innovation while safeguarding financial stability.

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