CBN Halts Four MFBs from Onboarding New Customers

Nume Ekeghe

In a move highlighting ongoing scrutiny of foreign exchange transactions, the Central Bank of Nigeria (CBN) has directed four major Microfinance Banks (MFBs) to halt onboarding new customers.

The affected  MFBs  are OPay, Palmpay, Moniepoint and Kuda Bank. The  CBN action was based on allegations of accounts being used for illicit foreign exchange transactions.

Moniepoint confirmed a temporary pause on new sign-ups through a message on their platform. Hello! We’ve temporarily paused new sign-ups on our platform” Also in an attempt to sign up, the firm also stated: Thank you for downloading Moniepoint. Signup is currently unavailable. Please check back later.”

A similar message was posted on Palmpay’s app, it states: “Thank you for downloading Palmpay. Signup is currently unavailable. Please check back later.

THISDAY checks verifies that the four mfbs have indeed suspended their new customers enrolment.

The duration of the freeze remains unclear, with the CBN yet to announce further details.

It would be recalled that the Chairman of the EFCC, Ola Olukoyede last week revealed that over 300 bank accounts have been frozen to safeguard the naira against potential threats.

Olukoyede emphasised the need for robust measures to combat financial crimes, citing reports indicating significant losses to cybercrimes in the banking sector. He highlighted the importance of preventive measures to curb looting and stimulate economic growth, underscoring ongoing efforts to address forex manipulation activities and attacks on the national currency.