The Central Bank of Nigeria (CBN) has lifted its ban on five fintech startups – Paga, OPay, Kuda, Palmpay, and Moniepoint – from registering new customers. The restriction, imposed six weeks ago, was aimed at enhancing Know Your Customer (KYC) and fraud prevention measures, particularly regarding crypto transactions.
The CBN had instructed the fintechs to implement specific conditions, including blocking peer-to-peer crypto transfers, physical address verification, and updated facial verification. The move is seen as a positive development for the fintechs, which had been criticized for lax KYC measures and fraud concerns.
With the ban lifted, the startups can now resume onboarding new customers, a development that will likely boost their growth.
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