\n
Nigeria\u2019s financial technology bank, Opay, said it has closed non-compliant accounts amid the recent Central Bank of Nigeria\u2019s restriction.<\/p>\n
According to Nairametric, Opay disclosed this in a statement on Tuesday.<\/p>\n
DAILY POST reports that OPay, Palmpay, Kuda Bank, and Moniepoint were restricted from onboarding new customers due to allegations of accounts being used for illicit foreign exchange transactions.<\/p>\n
However, OPay said it remains committed to working closely with CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.<\/p>\n
\u201cAs a regulatory-compliant institution, OPay follows the rules the CBN and other regulators set to ensure the financial system\u2019s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud,\u201d it stated.<\/p>\n
Opay and other fintech companies have temporarily paused onboarding new customers and creating new wallets to support government efforts to clean up the financial industry.<\/p>\n
\u201cWe want to assure our customers that their funds are secure and their data is protected, which is a temporary measure,\u201d Opay said.<\/p>\n
The development comes amid the Nigerian government\u2019s clampdown on currency speculators in the foreign exchange market.<\/p>\n
Recently, the court granted the Economic Financial Crimes Commission\u2019s request to freeze 1,146 bank accounts.<\/p>\n
Illicit FX transaction: Opay breaks silence over CBN restriction<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Nigeria\u2019s financial technology bank, Opay, said it has closed non-compliant accounts amid the recent Central Bank of Nigeria\u2019s restriction. According…<\/p>\n","protected":false},"author":1,"featured_media":29760,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,4274,15,14633],"tags":[519,63,180,14634],"class_list":["post-29759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-cbn","category-news","category-opay","tag-business","tag-cbn","tag-news","tag-opay"],"yoast_head":"\n
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