By: Chioma Madonna Ndukwu
The Central Bank of Nigeria (CBN) has fined fintech leaders OPay and Moniepoint ₦1 billion each following a routine audit that revealed multiple compliance issues, including concerns over licensing and Know Your Customer (KYC) protocols. This comes as the CBN tightens its grip on the rapidly expanding fintech sector, which has largely operated with minimal oversight until now.
OPay, which boasts a 40 million-strong customer base, and Moniepoint, processing billions of transactions annually, have faced heightened scrutiny as their operations increasingly clash with existing regulatory frameworks. While OPay has vehemently denied the fine, calling it “entirely false,” the broader fintech landscape is feeling the weight of these regulatory checks.
In my view, the CBN’s actions signal a necessary shift towards stronger regulation in a booming sector, though there’s a clear need for modernizing the licensing structure. With fintech giants like OPay and Moniepoint dominating the market, the risk of regulatory missteps—especially with outdated microfinance bank licenses—becomes more apparent. However, this tension highlights a broader need to strike a balance between growth and regulatory compliance.
