BREAKING: Cardoso Speaks On Revoking Licenses of Moniepoint, Opay, Kuda, Others

Cardoso has spoken on revoking the licenses of Moniepoint, Opay, and Kuda among other Fintech banks in Nigeria.

 

NewsOnline Nigeria reports that the governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria.

 

This Nigeria news platform understands that Cardoso disclosed this in a communiqué from Tuesday’s Monetary Policy Committee meeting in Abuja.

 

He noted that CBN is not against fintechs.

 

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His reaction comes weeks after the bank restricted OPay, Palmpay, Kuda Bank and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.

 

Cardoso stressed the need for CBN to strengthen financial regulations to check against leakages.

 

“CBN is not against fintechs and has not revoked the license of any fintech organization. However, he stressed the need to strengthen regulation in the sector to check against leakages”, he said.

 

He added, “It’s our responsibility to ensure it (the banking system) remains sound, safe, and fit for purpose.”

 

NewsOnline Nigeria reports that CBN raised the interest rate to 26.25 per cent from 24.75 in March to tackle inflation, which soared to 33.69 per cent in April.