CENTRAL BANK OF NIGERIA FINES MONIEPOINT AND OPAY

The Central Bank of Nigeria (CBN) has significantly intensified its scrutiny of fintech
startups. Recent reports indicate that two of the nation’s leading fintech companies,
Moniepoint and Opay, were each subjected to a penalty of ₦1 billion during the second
quarter of 2024. Numerous other fintech firms also faced sanctions due to compliance
deficiencies, emphasizing the critical nature of regulatory checks in the CBN's oversight
responsibilities. To promote adherence to regulatory standards, the CBN has
increasingly implemented financial penalties.