NEWS

CBN Bans Moniepoint, Opay, Kuda, Others From Taking New Customers

This action follows allegations that these institutions were involved in cryptocurrency transactions.

By Musa Ibrahim

The Central Bank of Nigeria has prohibited certain microfinance banks, such as Moniepoint, Opay, and Kuda, from opening new accounts and taking on new clients.

This action follows allegations that these institutions were involved in cryptocurrency transactions and manipulating the value of the naira, according to sources familiar with the matter as reported by Peoples Gazette on Monday.

The sources stated that the CBN considered the ban on new accounts necessary to combat money laundering activities, which have contributed to the recent decline of the naira against the dollar.

As of Monday evening, the naira was trading at N1350 against the dollar, marking a reversal from its recent upward trend, where it reached N950 in early April.

“Hello! We’ve temporarily paused new sign-ups on our platform,” Moniepoint wrote in a message on its platform for intending customers on Friday. 

“This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”

After the significant devaluation of the naira in February, with the currency nearly reaching N2000 to the dollar, the CBN, in partnership with the anti-graft commission, EFCC, took action against Binance. Executives Tigran Gambaryan, a U.S. citizen, and British-Kenyan Nadeem Anjarwalla were detained on allegations of naira manipulation.

The Nigerian government requested that Binance provide the names of its top 100 users and their transaction details as part of negotiations for the release of the detained executives.

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