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The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech banks operating in Nigeria.<\/p>\n

Cardoso disclosed this in a communiqu\u00e9 from Tuesday\u2019s Monetary Policy Committee meeting in Abuja.<\/p>\n

He noted that CBN is not against fintechs.<\/p>\n

His reaction comes weeks after the bank restricted OPay, Palmpay, Kuda Bank and Moniepoint from onboarding new customers over allegations of accounts being used for illicit foreign exchange transactions.<\/p>\n

Cardoso stressed the need for CBN to strengthen financial regulations to check against leakages.<\/p>\n

\u201cCBN is not against fintechs and has not revoked the license of any fintech organization. However, he stressed the need to strengthen regulation in the sector to check against leakages\u201d, he said.<\/p>\n

He added, \u201cIt\u2019s our responsibility to ensure it (the banking system) remains sound, safe, and fit for purpose.\u201d<\/p>\n

DAILY POST reports that CBN raised the interest rate to 26.25 per cent from 24.75 in March to tackle inflation, which soared to 33.69 per cent in April.<\/p>\n

CBN: Cardoso reveals position on revoking licenses of Moniepoint, Opay, other fintech banks<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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