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Suspension of new Account Openings by Moniepoint, OPay, others Sparks Concerns



Jitters arose as Kuda Bank, Moniepoint, OPay, and Palmpay temporarily halted new account openings for customers.

According to a source within one of the affected banks, the decision came in response to a directive from the Central Bank of Nigeria.

This suspension of new account openings for the mentioned fintechs follows closely on the heels of the Economic and Financial Crimes Commission (EFCC) taking action against 1,146 bank accounts involved in unauthorized forex dealings.

However, there have been no disruptions reported in other banking services provided by these platforms.

Moniepoint has officially announced a temporary suspension of new sign-ups through a message posted on their platform. The message reads: “Hello! We’ve temporarily paused new sign-ups on our platform.”

Additionally, upon attempting to sign up, users encountered a notification stating: “Thank you for downloading Moniepoint. Signup is currently unavailable. Please check back later.”

Similarly, Palmpay users were met with a similar message on the app, which reads: “Thank you for downloading Palmpay. Sign-up is currently unavailable. Please check back later.”

Recent concerns have been raised regarding cryptocurrency traders leveraging fintech platforms to disrupt the foreign exchange market. Additionally, there have been suggestions that commercial banks hold a stronger regulatory relationship compared to fintech companies, potentially influencing regulatory actions.
However, official statements from regulatory authorities regarding the directive have not yet been released.

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