CBN Lifts Ban on Fintech Firms, Onboarding to Resume in Two Months

The Central Bank of Nigeria (CBN) has announced that mobile money operators and fintech firms will be allowed to resume onboarding new customers in two months.

This follows a temporary ban imposed in April to address concerns about money laundering and illicit flows. CBN Governor, Olayemi Cardoso, stated that the apex bank has been engaging with fintech operators to strengthen regulations and prevent illicit activities.

The CBN aims to support and strengthen the fintech sector while ensuring the integrity of the financial system. The ban was not a clampdown on fintech firms, but rather a necessary measure to address regulatory concerns.

With the new regulations in place, onboarding of new customers is expected to resume soon.

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