News

CBN directs OPay, Palmpay, Kuda Bank, and Moniepoint to stop onboarding new customers

Published

3 weeks ago

April 30, 2024

Tinubu’s govt has asked Opay, Palmpa, Kuda Bank, and Moniepoint to stop new customers from opening accounts on their platforms..

Meaning no new customer can sign up to any of these platforms.

The reason they gave was that Nigerians use the platforms for “illegal forex exchange – i.e. Nigerians send and receive dollars and Naira on the platform.

This is a fat lie, actually. Here’s the real truth.

Nigerians are fast accepting and trusting FinTechs like Opay, Palmpay, Kuda, and Moniepoint. This is because they do for Nigerians what commercial banks can’t do – I mean, the likes of GT, First Bank, UBA, etc.

With Opay, for instance, Nigerians can send and receive money in less than 2 minutes – money will enter acct and alert will show. This is what takes commercial banks over 5-30 minutes.

Fintechs like Moniepoint and Opay have reduced the queues in bank ATMs with their POS. So, Musa, Emeka, or Tunde will not need to stress and go to ATM to queue. The ATM sef will still charge them.

Fintechs like Palmpay, Kuda now have a very secure system where people can save money and be rest assured that it’s safe instead of stressing to go to the bank.

So, FinTechs are hugely affecting commercial banks and might just close their business, if care isn’t taken. Their owners had to run to Abuja to beg for help.