The Central Bank of Nigeria (CBN) continues its scrutiny on fintech companies. The apex bank fined two of the most prominent financial firms in Nigeria, OPay and Moniepoint, the sum of two billion naira (one billion naira each) in the second quarter of 2024.
Although, other financial companies also faced the scrutiny but Moniepoint and OPay got the hardest hit. At least four other fintech companies faced similar penalties. Although the other fintech firms affected were not disclosed and the specifics of the fines have not been disclosed as well.
The penalties stemmed from a routine CBN audit of the fintech sector that uncovered compliance issues. According to two insiders that have knowledge of the CBN audit, the regulatory audit is a standard procedure for all financial institutions under CBN supervision.
This is not the first time CBN is using fine to enforce regulatory compliances on fintech companies in Nigeria. In 2023, Nigerian banks collectively paid ₦678 million in penalties. Therefore, CBN is increasingly using fines as a tool to impose regulatory compliance.
In October 2024, CBN and the Securities and Exchange Commission (SEC) of Nigeria levied a ₦15 billion fine on ten commercial banks, including Zenith and GTBank, for multiple infractions committed during the first half of the year.
