This is trouble time for Palm Pay, Opay, Monie Points and other wallets online banks customers if they don’t move their money out as soon as possible .
Confirm News findings revealed that some bank customers have expressed panic as the Central Bank of Nigeria bans mobile money operators including fintech firms from onboarding new customers.
This is as a result of Bank Customers Association of Nigeria backing the CBN directive due to illegal acts.
The new directive will affect fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint, from opening new accounts until further notice.
Reliable sources from three major fintechs who requested not to be mentioned as they were not permitted to speak, confirmed the development hours ago.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.
It was confirmed that the CBN had summoned some of the heads of fintechs to Abuja to discuss issues around KYC last week.
The CBN has not yet publicly commented on the directive to the fintech firms.
Confirm News investigations to reach the apex bank for comment were unsuccessful at the time of this report .
Several calls made to the telephone line of the CBN spokesperson, Hakama Ali Sidi, were not responded.
Also, the directive coincided with the court order that the Economic and Financial Crimes Commission (EFCC) obtained to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.
The 85-page court order (document), which listed the bank account details suspected to be involved in illicit activities, was obtained by The PUNCH on Monday.
Justice Emeka Nwite, in a ruling on the ex-parte motion, moved by counsel for the anti-graft agency, Ekele Iheanacho, also granted the commission’s application to conclude the investigation within 90 days.
Part of the court document read, “That the applicant’s (EFCC) application is hereby granted as prayed.
“That an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below, which accounts are owned by various individuals who are currently being investigated in a case involving the offenses of unauthorised dealing in foreign exchange, money laundering, and terrorism financing, to the extent that the investigation will be for a period of 90 (ninety) days.”
The EFCC, in the motion marked FHC/ABJ/CS/543/2024 dated and filed April 24 by Iheanacho, was heard by the judge the same day in the interest of national interest. “The motion was brought pursuant to Section 44(2) and (K) of the 1999 Constitution; Section 34 of the EFCC Establishment Act 2004; Section 7(8) of the Money Laundering Prevention and Prohibition Act, 2022; and under the inherent jurisdiction of the court.”
The President of the Bank Customers Association of Nigeria, Uju Ogubunka, backed the CBN’s move to suspend new account opening on the affected platforms.
Only God will safe those who have money on Palm Pay, Opay, Kuda and other online banking platforms.
Tijani Adegbola ( 08067612682)
