The Central Bank of Nigeria (CBN) has indicated that mobile money operators, including fintech firms, will resume enrolling new customers in the couple of months. CBN Governor, Olayemi Cardoso, made this announcement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting of the apex bank in Abuja.
Cardoso mentioned that the CBN has been in discussions with many of these players to strengthen their operations. Previously, the apex bank had halted fintech companies from onboarding new customers, a move perceived as a regulatory measure in the financial sub-sector under Cardoso’s leadership.
“To block money laundering and illicit flows, the apex bank introduced remedial measures to help tighten onboarding processes and enhance the existing clientele base,” Cardoso explained.
Contrary to reports suggesting that the CBN is cracking down on fintech firms, Cardoso clarified, “I am confident that over time, and hopefully within the next couple of months, these issues will be resolved, allowing the sector to return to its previous activities, albeit with a stronger regulatory framework.”
He emphasized, “Fintechs have not been singled out for any exceptional treatment,” and reiterated that the CBN is proud of fintech firms’ achievements in recent years, pledging ongoing support and enhancement.
“However, effective regulation is crucial in a sector that has grown so rapidly,” Cardoso added. “Recently, we focused on the issue of illicit flows and money laundering, particularly within the less regulated banking system. This led us to identify areas where increased surveillance and tighter regulations are necessary.”
Cardoso also noted that the CBN has collaborated closely with security agencies to identify areas in the sub-sector where regulations and surveillance need to be strengthened.
“For this reason, we were concerned about anti-money laundering and illicit flows in different sub-sectors of the financial industry. Hence, we decided to take a pause and work with various players to strengthen regulations, not to drive them out of business,” he emphasized.
He concluded, “At this point, I want to reiterate that we have not revoked the licenses of any fintech organizations.”
