Fintechs, including Opay and PalmPay, are discouraging crypto trading on their platforms. Their actions follow a CBN directive to the digital banks to stop onboarding new customers. There are concerns that the fintechs are being used for money laundering and terrorism financing. Eko Hot Blog reports that Nigerian fintech companies have cautioned their customers against … Read more
EKO HOT BLOG reports that Fidelity Bank, a major commercial bank in Nigeria, has recently imposed limits on financial transfers to neobanks like as OPay, Moniepoint, and Palmpay. This decision is in reaction to worries about neobanks’ poor KYC (Know Your Customer) practices, which have resulted in a rise in fraudulent activity, according to TechCabal. … Read more
The CBN has denies reports that it suspended accounts of Fintech companies, OPAY and PALMPAY. The apex bank described the viral news as “simply fake”. The Fintech companies have also dismissed the reports as false and misleading. EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has debunked the reports making rounds that … Read more