Would you like to receive notifications on latest updates of the following headlines?

Opay, Kuda Implement Strict Guidelines for Opening Accounts

POSTED ON June 4, 2024 •   Business      BY Abiodun Saheed Omodara
Fintech Firms l Credit: Finmagz l Source: finmagz.com.ng

The financial technology firms, Kuda Microfinance and OPay, have recommenced the process of onboarding new customers after receiving a directive from the Central Bank of Nigeria. 

The announcement of this decision was made by the two companies on their respective X accounts on Monday.

The Central Bank had instructed fintech companies to temporarily stop accepting new customer registrations on April 29, citing worries about compliance with Know Your Customer (KYC) regulations.

This action was a part of the government's wider efforts to clamp down on illegal foreign exchange transactions and cryptocurrency activities.

On May 20, 2024, fintechs were provided with a set of requirements to meet in order to lift the onboarding freeze. These requirements included the blocking of peer-to-peer crypto transfers, the implementation of physical address verification for all account tiers, and the enhancement of facial verification for customers.

OPay announced this development through a post on its X handle, reaffirming its commitment to adhering to approved KYC verification processes and urging customers to complete the necessary verification steps for all accounts.

"We are excited to share that the Central Bank of Nigeria has approved OPay to resume onboarding new users. This achievement demonstrates our dedication to compliance, safeguarding your information, and preventing any illicit activities."

"As you may already be aware, we have been collaborating with the CBN to adhere to recent regulatory mandates by implementing additional account controls. 
"Following our efforts, we will begin accepting new customers this week," the fintech company announced. 

Kuda has established the following prerequisites for opening a Tier 3 account: Customers are required to submit their NIN, BVN, and proof of address, which will then undergo address verification. 

On February 27, CBN Governor Olayemi Cardoso disclosed that an astonishing $26 billion from undisclosed origins flowed through Binance Nigeria in just one year. 

To tackle this issue, the CBN is working alongside various agencies, including the Economic and Financial Crimes Commission, the police, and the Office of the National Security Adviser. 

In a related development, the EFCC revealed on April 23 that it had placed a freeze on over 300 accounts associated with illegal foreign exchange trading.

On April 24, a Federal High Court in Abuja issued an interim order permitting the EFCC to freeze approximately 1,146 bank accounts owned by individuals and companies engaged in unauthorized foreign exchange dealings.

These actions showcase the CBN's dedication to addressing illegal financial movements and advancing financial openness in Nigeria.

READ ALSO
US Economic Growth to Decelerate Amid Trade Tensions, Policy Uncertainties
BY Abiodun Saheed Omodara May 16, 2025 0

The United Nations Department of Economic and Social Affairs (UN DESA) has indicated that the global...

READ ALSO
Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...

READ ALSO
Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 15, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...

READ ALSO
NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 15, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...

READ ALSO
Nasarawa Assembly Enacts Mining Bill to Ensure Compliance and Community Welfare
BY Abiodun Saheed Omodara May 14, 2025 0

NASARAWA, Nigeria - The Nasarawa House of Assembly On Tuesday approved a mining bill aimed at regula...

READ ALSO
CBN Launched BVN Platform for Nigerians Living Abroad
BY Abiodun Saheed Omodara May 14, 2025 0

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIB...

READ ALSO
Tinubu Calls for Unified Tax System to Enhance Revenue Generation and Equity
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - President Bola Tinubu has reiterated his commitment to undertaking bold and compreh...

READ ALSO
World Bank: Tinubu’s Reforms Bringing Stability to Nigeria’s Economy
BY Abiodun Saheed Omodara May 13, 2025 0

ABUJA, Nigeria - The World Bank expressed approval of the federal government on Monday, noting that...

OUR CHANNELS:

Trade Tensions Rise as South Korea and U.S. Prepare for Key Discussions
BY Abiodun Saheed Omodara May 16, 2025 0

AFP - South Korea is prepared to restart tariff discussions with Washington during an important APEC...


Obi Urges Tougher Penalties for Corruption amid Nigeria's Leadership Crisis
BY Abiodun Saheed Omodara May 16, 2025 0

Peter Obi, a prominent opposition figure in Nigeria, has called for harsher penalties for corrupt po...


ECOWAS Court Orders Nigeria to Release Businessman Imprisoned Since 2009
BY Abiodun Saheed Omodara May 16, 2025 0

The Economic Community of West African States Court on Thursday has mandated the Nigerian Federal Go...


Sanwo-Olu Establishes Apapa Central Business Office to Enhance Infrastructure, Business Climate
BY Abiodun Saheed Omodara May 16, 2025 0

Lagos State Governor, Babajide Sanwo-Olu, has sanctioned the creation of the Apapa Central Business...


NBS Reports April 2025 Inflation Rate Falls to 23.71%, Highlighting Food Safety Risks
BY Abiodun Saheed Omodara May 16, 2025 0

The inflation rate for April 2025 dropped to 23.71 percent, down from 24.23 percent in March 2025, m...


Police Re-Arraign VeryDarkMan for Alleged Cyberbullying of  Nollywood Actress, others
BY Abiodun Saheed Omodara May 15, 2025 0

Controversial social media personality Martins Otse, popularly known as VeryDarkMan (VDM), was on Th...


Actress Jumoke George Shares Emotional Journey as Daughter Adeola is Found
BY Abiodun Saheed Omodara May 15, 2025 0

Adeola, the 41-year-old daughter of renowned Yoruba actress Jumoke George, has been located in Mali...


House of Representatives Advances Bill to Make Voting Mandatory for Nigerians
BY Abiodun Saheed Omodara May 15, 2025 0

Abuja, Nigeria- The House of Representatives has passed for second reading a bill seeking to am...


NANS Calls for JAMB Registrar Ishaq Oloyede's Resignation Over 2025 UTME Errors
BY Abiodun Saheed Omodara May 17, 2025 0

The National Association of Nigerian Students (NANS) has called for the resignation of Ishaq Oloyede...


Peter Obi Commends JAMB’s Accountability, Warns of Institutional Fragility Over UTME Glitches
BY ROCKETPARROT.com staff May 16, 2025 0

Former Anambra State Governor and Labour Party presidential candidate in the 2023 elections, ...


More Articles

Load more...

Menu