Financial technology company, OPay, has broken its silence over the recent restriction imposed by the Central Bank of Nigeria (CBN).
In a statement, OPay acknowledged the CBN’s move, which was aimed at curbing illicit foreign exchange transactions.
The CBN had restricted OPay, Palmpay, Kuda Bank, and Moniepoint from onboarding new customers due to allegations of accounts being used for illegal foreign exchange dealings. However, OPay has assured its customers that their funds are secure and their data is protected.
As a regulatory-compliant institution, OPay stated that it follows the rules set by the CBN and other regulators to ensure the integrity of the financial system.
To achieve this, the company has closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.
OPay and other fintech companies have temporarily paused onboarding new customers and creating new wallets to support the government’s efforts to clean up the financial industry. This development comes amid the Nigerian government’s clampdown on currency speculators in the foreign exchange market.
Recently, the court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.
OPay remains committed to working closely with the CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.
“As a regulatory-compliant institution, OPay follows the rules the CBN and other regulators set to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud,”
“We want to assure our customers that their funds are secure and their data is protected, which is a temporary measure,” Opay stated.
The company has assured its customers that the temporary measures are in place to ensure the security and integrity of the financial system. OPay is working to resolve the issues and restore full services to its customers.
All this opay and all this online bank are the best. So pls they should not restrict them
What is cbn doing concerning the madness happening in the mainstream banks, we just like chasing shadows in this part of the world
This country is mess and it’s obvious we don’t have thinkers, why stop them from have new customers
Not all that are the best oo
I hope Opay and all these microfinance banks shouldn’t go AWOOL
You can count on this online Banks
Opay is really trying, let resolve the matter and restute full service to the customer.
Abeg they should leave all this microfinance banks alone
They are more reliable than main banks sef
Make them leave our opay for us oo
This federal government and opay matter get as e be
Biko let me withdraw all my money in opay…
But seems fraudstars are everywhere ooh
This opay matter get as e take dey o
Abeg o make them leave opay alone o😒
No wonder I could not open an account with them recently. Hopefully things will be resolved with cbn
Why are they stopping them from having new customers