The Central Bank of Nigeria (CBN) has announced that mobile money operators, including fintech firms like OPay, Palmpay, Kuda Bank, and Moniepoint, will resume enrolling new customers "in another couple of months." CBN Governor Olayemi Cardoso made this statement on Tuesday during the 295th Monetary Policy Committee (MPC) meeting in Abuja, where the interest rate was increased from 24.75 percent to 26.25 percent.

Cardoso mentioned that the CBN has been working with these companies to enhance their operations. To prevent money laundering and illicit financial flows, the CBN has introduced "remedial measures" to tighten the onboarding process and manage existing customer bases more effectively.

He expressed confidence that within a few months, these issues would be resolved, allowing the sector to resume normal operations with a stronger regulatory framework.

READ ALSO: CBN Raises Interest Rate To 26.25%

In April, the CBN halted fintech companies from onboarding new customers, a move perceived as a crackdown by the Cardoso-led CBN. However, Cardoso clarified that this was not a targeted action against fintechs, emphasizing that the CBN is proud of their achievements and continues to support and strengthen them.

Cardoso highlighted the importance of regulation in this rapidly growing sector, particularly in addressing illicit financial flows and money laundering. He noted that recent investigations into these issues, especially concerning cryptocurrencies, revealed the need for heightened surveillance.

The CBN has collaborated with security agencies to identify areas for tighter regulation and oversight. Cardoso stressed that these measures are intended to improve regulation, not to drive fintechs out of business, and assured that no fintech licenses have been revoked.