Opay, others pause onboarding new customers

Nigerian Fintech company, OPay said it has temporarily paused onboarding new customers and creating new wallets.

OPay announced this in a statement with other Fintech companies taking the same step, according to the new directive from the Central Bank of Nigeria (CBN).

The firm's management in the statement also offered clarity on CBN's new directive.

OPay and other Fintech companies have temporarily paused onboarding new customers and creating new wallets, according to the new directive from the Central Bank of Nigeria (CBN)

Nigerian Fintech company, OPay said it has temporarily paused onboarding new customers and creating new wallets.

OPay announced this in a statement with other Fintech companies taking the same step, according to the new directive from the Central Bank of Nigeria (CBN).

The firm’s management in the statement also offered clarity on CBN’s new directive and reassured its customers of the safety of their funds.

CBN directed Opay and three other Fintech firms, Palm Pay, Kuda Bank and Moniepoint to suspend onboarding new customers.

The Apex Bank had suspected the affected four Fintech companies of being used for illicit foreign exchange transactions.

Opay reacting said it remains committed to working closely with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing and other illegal financial activities.

“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity,” the statement read.

“To achieve this, we have closed noncompliant accounts, implemented strict security measures, and educated customers to help combat fraud.

“To support government efforts to clean up the financial industry, we and other Fintech companies have temporarily paused onboarding new customers and creating new wallets.

“This action reflects our commitment to a secure financial environment and fighting against illicit activities.”

Opay in the statement told the public to please note that existing accounts and wallets remain unaffected by the CBN’s directive.

The company also assured its customers that their funds are secure, their data is protected and this is a temporary measure.