Contrary to recent rumors, the Central Bank of Nigeria (CBN) has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria. CBN Governor Olayemi Cardoso made this clarification at the Monetary Policy Committee meeting in Abuja.
While the CBN did restrict some fintechs from onboarding new customers due to alleged illicit foreign exchange transactions, Cardoso emphasized that the apex bank supports fintech innovation and aims to strengthen regulations to prevent leakages.
“We are not against fintechs; we want to ensure the banking system remains sound, safe, and fit for purpose,” Cardoso stated.
This development comes as the CBN raised interest rates to combat inflation, which soared to 33.69% in April. However, the CBN recently revoked the banking license of Heritage Bank.
