CBN Clarifies Stance on Fintech Licenses | ClipTV Online

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has clarified that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria. This statement was made during a communiqué issued after the Monetary Policy Committee (MPC) meeting held on Tuesday.

Cardoso emphasized that the CBN is not opposed to fintech companies, addressing concerns that had arisen following recent restrictions placed on OPay, Palmpay, Kuda Bank, and Moniepoint. These restrictions were implemented amid allegations that some accounts associated with these platforms were 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 pressing need to strengthen regulation in the sector to prevent financial leakages,” Cardoso stated. He underscored the bank’s commitment to maintaining a sound, safe, and fit-for-purpose banking system.

The governor’s remarks come at a time when the CBN has raised the interest rate to 26.25 percent, up from 24.75 percent in March, as a measure to tackle inflation, which soared to 33.69 percent in April. This policy adjustment aims to curb the rising inflation and stabilize the Nigerian economy.

In conclusion, Cardoso reiterated the CBN’s dedication to fostering a robust regulatory framework for fintechs to ensure the integrity and stability of the financial system. This move is part of broader efforts to safeguard against financial malpractices while supporting the growth and innovation within the fintech sector.