The Central Bank of Nigeria (CBN) is tightening the constraints on fintech businesses, implying that those who go too far may face license revocation.
This follows a previous event in which the CBN prohibited new customer onboarding for key fintech companies such as Moniepoint, OPay, Palmpay, and Kuda Bank due to worries about illicit foreign exchange operations.
During a recent meeting of the Monetary Policy Committee in Abuja, Governor Olayemi Cardoso clarified the CBN’s position regarding fintech regulation.
He clarified that no fintech licenses had been canceled, despite rumors. Cardoso emphasized the CBN’s commitment to maintaining a healthy financial ecosystem, stating that the bank has not withdrawn any fintech organizations’ licenses.
However, Cardoso was unequivocal about the need for greater regulation. “It’s our responsibility to ensure the banking system remains sound, safe, and fit for purpose,” he said.
The CBN’s decision to strengthen financial regulations reflects a global trend in which oversight of fintech operations is getting more strict.
