CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation

In a continuation of the Central Bank of Nigeria’s (CBN) increased scrutiny of fintech startups, two of the country’s most prominent unicorns, Moniepoint and OPay, were fined ₦1 billion each in the second quarter of 2024, sources with direct knowledge of the matter told TechCabal. While several other fintech companies were also penalized, the two firms were the hardest hit.

The penalties followed a routine CBN audit of the fintech sector, which revealed compliance issues. According to two sources familiar with the process, these regulatory checks are a standard procedure for banks and financial institutions under CBN oversight.

At least four other fintech companies were similarly penalized, though the details of these fines remain unknown.

The CBN has increasingly relied on fines to enforce regulatory compliance. In 2023, Nigerian banks paid a combined ₦678 million in penalties. In October 2024, the central bank and the Securities and Exchange Commission (SEC) imposed a ₦15 billion fine on ten commercial banks, including Zenith and GTBank, for various infractions in the first half of the year.

Until recently, Nigeria’s rapidly growing fintech sector largely operated without CBN interference. However, the rapid expansion of fintechs like OPay and Moniepoint, which now serve millions of users, has invited greater scrutiny. OPay, for instance, claims a customer base of around 40 million, while Moniepoint, which processed 5.2 billion transactions in 2023, does not disclose specific customer numbers but is similarly large.

As these fintech giants have grown in influence, so too have concerns over their regulatory frameworks. A significant issue is that many fintechs, including OPay and Moniepoint, still operate under microfinance bank licenses. Originally intended to support micro, small, and medium enterprises, these licenses have allowed the companies to expand rapidly and service millions of customers. However, with that expansion has come heightened concern that the current licensing framework is inadequate to safeguard customers effectively, according to one source.

Beyond licensing, the CBN has also expressed concerns about the fintechs’ compliance with Know Your Customer (KYC) processes. In April 2024, the central bank imposed a two-month ban on customer onboarding for several fintech companies, including Kuda Bank and Palmpay, citing non-compliance with KYC standards. The ban forced fintechs to overhaul their onboarding procedures and commit to improving their compliance measures.

Moniepoint declined to comment on any part of this story.

“We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of ₦1 billion for regulatory infractions,” OPay said in a statement to TechCabal. “These claims are entirely false.”

The Central Bank of Nigeria did not immediately respond to a request for comments.

Source: https://techcabal.com/2024/12/10/cbn-fines-moniepoint-and-opay/

Nothing should happen to my 1k there oo

Why not One Trillion Dollars? Oloriburuku people

Taxation go soon choke everybody

These fintechs are more reliable than our yeye banks

🥴

Same Opay that was given a recognition award yesterday... Hummmm!

Meanwhile, all these Big for nothing commercial Banks might be behind all this FINE SHIT. They are afraid of the rate at which all the Fintech Banks are taking their customers.

With all this fine, here and there and all the money made in all sectors of the country ,


why is the country economic situations keep increasing ?


what we don't like about this e-banking like monie point, opay and co is that ,customers are at risk ,with no where visible to report or complain to ,if anything goes wrong with their account ,
and their online customer care is always out of services ,

Nigerians are seriously at risk with such banking methods ,


Princess FaithChukwu

Mo’gbe o! Nna dis people wantu kii the rescuers of the average man during December cash crunch. Detty December is about to get dirtier. But how will dey even be fining an institution that just won an award just yesterday here sef, if not that it is just bad belle worrying dem. All these fake fake award sef. TINUBU TINUBU!!!! NA GOD GO JUDGE ALL OF US FINALLY!! 😒

Make nothing do my 1k wey dey my opay ooooo

Good one!

It's time CBN tightens the noose on fintechs.

Where una wan make dem see am

The rate at which Moniepoint is just opening account for people without proper documentation is bad

Opay is even more reliable than the sh#ty CBN!

Unrealistic

DuttyChuks:
Opay is even more reliable than the sh#ty CBN!

Reliable? With accounts opened without consent?

Last last, na you and me go still pay the fine

These anti masses policies that FG always imposes on opportunities that favour us.
Nigerian government doesn't want anything to favour the poor masses. They just want us to die, empty and dormant. Who cares.

Ok

The Fintechs represent the future of banking in Nigeria.

adebowales:
The rate at which Moniepoint is just opening account for people without proper documentation is bad

Are you sure they’re?

Cuz moniepoint even strict pass Opay & palmpay..

Good

Commercial banks are at it again

Just kuku tell them to close shop, useless monetary policy administrators.

How can they survive in business after such fine. Tomorrow they'll vanish with people's money and the yeye CBN will feign ignorance.

One of the sector in this country that is fantastically corrupt is the Nigeria banking system
More corrupt than some politicians.

Great100000:
[b]CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation


Source: https://techcabal.com/2024/12/10/cbn-fines-moniepoint-and-opay/

Tinubu has been flying everywhere with the newly acquired plane telling his gullible supporters that he is hunting for foreign investors jet the already existing ones are leaving due to harsh business conditions and the few ones weathering the storm are being unduly penalised. One of two things will happen. Either they raise the money from their customers by way of charges or they pack up.

Amfem:
These anti masses policies that FG always imposes on opportunities that favour us.
Nigerian government doesn't want anything to favour the poor masses. They just want us to die, empty and dormant. Who cares.

There's nothing anti masses about the fines. These fintech guys are making the fintech sphere more insecure with their actions of not following due KYC procedures.

How much then should we fine CBN for failing to ensure that Nigerians have cash to conduct their daily activities?

...Just help keep them in check , cos they are very important to the society .

That's all .

Great100000:
[b]CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation


Source: https://techcabal.com/2024/12/10/cbn-fines-moniepoint-and-opay/

Federal Government of Thieves of Nigeria

FGN should not spoil Opay for us, they preached cashless policy but they don't want fintech to breath. No be juju be that