CBN

CBN Shuts Down Fintechs: OPay Assures Funds and Data Safety Amidst Crackdown

OPay reassures customers amid CBN's restrictions on new account openings. Find out more about how OPay is collaborating with regulatory bodies to combat financial crimes.

OPay, a prominent Nigerian financial technology firm, is taking a stand against money laundering and fraud in collaboration with the Central Bank of Nigeria (CBN) and other regulatory bodies. In response to the recent CBN directive, OPay has closed non-compliant accounts to adhere to regulations and combat illicit activities.

Amidst the crackdown on illicit FX transactions by the CBN, OPay has broken its silence and confirmed the closure of accounts not meeting regulatory standards. The fintech company emphasizes the safety of customers' funds and data, providing reassurance in the face of regulatory restrictions.

In a move by the CBN to halt new account openings, OPay, along with Kuda Bank, Palmpay, and Moniepoint, is directed to prevent onboarding new customers. This directive aims to ensure compliance with regulations and curb illicit foreign exchange transactions within the fintech industry.

As OPay continues its commitment to working closely with the CBN, customers can rest assured that their funds are secured and protected. The collaboration between OPay and regulatory bodies signifies a unified effort in combating financial crimes and maintaining trust within the financial services sector.

Interesting Fact: OPay's proactive measures in closing non-compliant accounts showcase its dedication to regulatory compliance and safeguarding customers' assets. Furthermore, the CBN directive highlights the increasing importance of transparency and accountability in the fintech industry.