The Central Bank of Nigeria (CBN) has been talking tough on Fintech regulations in recent times, and the latest bunch to get the stick are Opay and Moniepoint.
The Apex bank has imposed a fine of N1 billion each on Opay and Moniepoint over alleged compliance violations, according to recent reports.
The penalties reportedly came in the second quarter of 2024 as part of CBN’s routine audit of the fintech sector. In their full report, CBN also indicated that at least four other fintech companies faced similar sanctions, though specific details regarding their fines were not disclosed.
The institution is declining any public address on the matter at this time, even when requested.
The Companies’ Responses
In a surprising twist of plots, one of the affected fintech companies completely denied the existence of a fine. Opay denied being fined by the CBN, stating that they categorically refute the claims that they were fined by the Central Bank of Nigeria to the tune of N1 billion for regulatory infractions. The company said that the claims are “entirely false”.
This looks to be a developing story, and we can expect further statements as to the executions and reactions of the fines in the coming days.
