Financial technology companies, OPay and Kuda Microfinance Bank have been given the all clear by the Central Bank of Nigeria to resume onboarding new customers.
In separate statements on Monday, both companies announced that the Central Bank has authorised them to start enrolling new users.
On April 29, CBN directed the fintech companies to pause enrollment of new customers after the government alleged their platforms were being used to carry out illicit foreign exchange transactions.
In a ruling delivered on April 24, a High Court in Abuja granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze more than 1,000 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.
However, it was discovered that most of the accounts were operated by commercial banks while about 10% were domiciled with the fintechs.
OPay said it will strictly follow the approved know your customer (KYC) verification procedures and urged its customers to ensure that they complete the verification process for all accounts and meet all requirements.
“This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities.
“Our mission remains the same: to make financial services more inclusive through technology, make transactions a breeze, and provide a hassle-free payment experience for all Nigerians. And, we’re not stopping there! Keep an eye out for new and exciting features on the OPay app.” It added.
Similarly, Kuda Bank announced it will resume registering new customers this week.
The company said it has been collaborating with the CBN to fulfil recent regulatory requirements by putting more controls in place.
“As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place,” Kuda said.
“Based on the work we’ve done, we’ll resume signing up new customers this week.”