OPay, Kuda Take Decision As CBN Lifts Restriction On New Customer

Leading fintech companies OPay and Kuda Microfinance Bank have announced that they are resuming new customer onboarding.

This follows the clearance received from the Central Bank of Nigeria (CBN), which had previously directed a temporary halt to new customer enrollments.

On April 29, the CBN issued a directive requiring fintech firms to pause the registration of new customers as part of broader federal government efforts to clamp down on illicit foreign exchange transactions and the unregulated operations of cryptocurrency exchanges like Binance.

This suspension came in the wake of an April 24 ruling by a Federal High Court in Abuja, which granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts linked to unauthorized foreign exchange dealings.

An analysis revealed that 90 percent of these accounts were held by commercial banks and the remaining 10 percent by fintech.

In statements released on Monday, both OPay and Kuda Microfinance Bank welcomed the CBN’s decision, emphasizing their commitment to adhering strictly to the approved Know Your Customer (KYC) verification procedures.

OPay specifically urged its customers to ensure they complete the verification process for all accounts and comply with all regulatory requirements.

The statement reads, “We are thrilled to announce that the Central Bank of Nigeria has given OPay the thumbs up to resume onboarding new users.

“This milestone highlights our dedication to following the rules, keeping your information safe and secure, and preventing any shady activities.

“Furthermore, it is imperative to reiterate that OPay strictly adheres to the approved KYC verification processes and urges our esteemed customers to ensure that the due verification process is followed for all accounts and all requirements are completely fulfilled.

“We thank all our amazing customers for your understanding, support, patience and vote of confidence during this time as we navigated carefully thought-through and essential requirements set by the Central Bank of Nigeria.

“Our mission remains the same: to make financial services more inclusive through technology, make transactions a breeze, and provide a hassle-free payment experience for all Nigerians. And, we’re not stopping there! Keep an eye out for new and exciting features on the OPay app.”

Similarly, Kuda Bank announced it will resume registering new customers this week.

Kuda said the company has been working with the CBN to fulfil recent regulatory requirements by putting more account controls in place.

“As you probably already know, we’ve been working with the CBN to meet recent regulatory requirements by putting more account controls in place,” Kuda said.

“Based on the work we’ve done, we’ll resume signing up new customers this week.”

Kuda said customers must provide their national identification number (NIN), bank verification number (BVN), and proof of address—followed by address verification—to open a tier 3 account.