CBN fines Opay, Moniepoint N1 billion each for regulatory misconduct
The Central Bank of Nigeria has fined Opay and Moniepoint N1 billion each over compliance issues, sources told TechCabal on Tuesday.
The CBN wielded the big stick in the second quarter of 2024.
According to the report, at least four other fintech companies were also fined, but the details of the fines were not disclosed.
The fines followed CBN’s routine audit of the fintech sector.
CBN spokesperson Hakama Sidi Ali did not immediately respond to Peoples Gazette’s request for comments on the matter.
Meanwhile, Opay denied that it was fined N1 billion.
“We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of N1 billion for regulatory infractions. These claims are entirely false,” OPay said in a statement to TechCabal.
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