The Central Bank of Nigeria (CBN) has imposed a fine of ₦1 billion each on Moniepoint and OPay for failing to meet regulatory requirements.
The penalties, which were issued in the second quarter of 2024, followed an audit of the fintech sector that identified several compliance issues.
While other fintech companies were also fined, Moniepoint and OPay received the highest penalties.
Sources confirm that these audits are part of routine assessments to ensure that financial institutions adhere to CBN regulations.
At least four other companies were also penalised, though the specifics of their fines remain undisclosed.
Moniepoint and OPay have quickly established themselves as major players in Nigeria’s fintech industry, providing services to millions of customers.
However, the CBN has expressed concerns regarding their use of microfinance bank licences, which were originally intended for small businesses but are now being used to support large-scale operations.
The central bank has also raised issues with the companies’ Know Your Customer (KYC) processes.
Earlier in April 2024, several fintech firms, including Kuda Bank and Palmpay, were suspended from onboarding new customers for two months due to KYC-related violations.
While Moniepoint declined to provide a statement, OPay has strongly denied the allegations, asserting, “We categorically refute the claims that OPay Digital Services was fined ₦1 billion by the Central Bank of Nigeria. These claims are entirely false.”
The CBN has not yet responded to requests for comment.
