Business News

Nigeria’s Fintech Freeze: A Pause to Secure the Future?

Elue Precious Nigerias fintech

By Elue Precious Remember when accessing financial services meant battling long queues at brick-and-mortar banks? Nigeria’s fintech revolution promised to change that, offering a wave of convenience, and inclusion. However, the Central Bank of Nigeria’s (CBN) recent directives throw a curveball. With new customer sign-ups frozen at some fintech companies, is the dream of a frictionless financial future fading? The CBN issued a directive in April 2024 to several fintech companies, including Kuda Bank, OPay, Palmpay, and Moniepoint, halting them from onboarding new customers until further notice. News sources report the CBN directive to be linked to allegations of illicit