The Central Bank of Nigeria (CBN) fined fintech companies Moniepoint and OPay ₦1 billion each in the second quarter of 2024, technology publication TechCabal reported on 10 December 2024. OPay denied that it had been fined.
According to the report, the penalties followed routine CBN audits of the fintech sector that identified compliance issues at the two firms. At least four other fintech companies were also fined, in amounts that were not reported. Investors King reported that weaknesses in know-your-customer (KYC) procedures were among the regulator's main areas of concern.
OPAY REJECTS REPORT
OPay rejected the report in a statement. “We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of N1 billion for regulatory infractions. These claims are entirely false,” the company said. Moniepoint did not publicly respond to the report, and CBN spokesperson Hakama Sidi Ali did not respond to requests for comment from Nigerian outlet Peoples Gazette.
OPay says it has around 40 million users, while Moniepoint processed 5.2 billion transactions in 2023, according to Investors King.
CLOSER SCRUTINY OF FINTECHS
The reported fines followed a period of closer CBN oversight of KYC processes at digital financial services providers. In late April 2024, OPay, Moniepoint, Kuda and Palmpay paused opening accounts for new customers on the central bank's orders, TechCabal reported at the time. The onboarding restrictions on the four firms were reported to have been lifted in early June 2024.
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