₦airaland Forum

Agbalanze:
Nothing should happen to my 1k there oo

Looking4Trouble:
Why not One Trillion Dollars? Oloriburuku people

arkad139:
These fintechs are more reliable than our yeye banks

PRINCESSFCFANSs:
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

PRINCESSFCFANSs:
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

Agbalanze:
Nothing should happen to my 1k there oo

arkad139:
These fintechs are more reliable than our yeye banks

Great100000:
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/

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/

geoworldedu:
JagabanBorgu come and see the thing I'm talking about. Brainless fines here and there until the company will pack up. That's what they always do to investors that I'm talking about.

JagabanBorgu:
First and foremost, is it a tax?
Secondly, they should be applauded for not complying with regulations?
When errors occur from their non compliance with regulations, same u will come out to cry that govt is not regulating anything.
If monie point and opay complied, would they be fined?

geoworldedu:
Tax, nonsense fines, etc. That's what will make them run away soon. Nonsense policies everywhere, every day by day.

JagabanBorgu:
Lol, the irony of the situation is that politics has messed up with many of you so much you are ready to burn ur own houses to support a politician who don't care about you.

Monsephy:
Taxation go soon choke everybody

geoworldedu:
You're saying the opposite of who I am and talking about yourself who support PORN Tinubu brainlessly. I don't think I have ever supported any politician before. You know why? They are all in to steal, steal and steal more. So because I'm against Tinubu now means I'm an Obidient to you. Lol. Even Obi will collect from me if he gets there and do nothing meaningful like this Tinubu. Since the beginning of Nigerian Democracy, I have been criticizing the wrong doings of them all. I dont have a favourite politician or party. I only have favorite football clubs.

JagabanBorgu:
You don't sound like someone criticizing "wrong doing", you sound exactly the opposite, who in his sane mind will condemn national institutions for placing a fine on corporations that violates set out rules which they are well aware of?

geoworldedu:
Keep capping you here.
I have told you who I am, so whatever it looks like to you, na you sabi.

JagabanBorgu:
You don't know who you are, how can you tell what you don't know?

geoworldedu:
You will ask taya, Jagaban