Bank customers are in a state of panic following the Central Bank of Nigeria’s decision to prohibit mobile money operators and fintech firms from accepting new customers.

While some customers express concern, the Bank Customers Association of Nigeria supports the CBN’s directive.

Fintech companies such as OPay, Palmpay, Kuda Bank, and Moniepoint are affected by the ban on new account openings until further notice, according to reliable sources within the industry.

The CBN’s action is reportedly part of an ongoing audit of Know-Your-Customer processes amid concerns over money laundering and terrorism financing.

Although the CBN has not officially commented, it summoned fintech leaders to Abuja for discussions on KYC issues last week.

Simultaneously, the Economic and Financial Crimes Commission (EFCC) obtained a court order to freeze over a thousand bank accounts linked to alleged illegal foreign exchange transactions.

The President of the Bank Customers Association of Nigeria supports the CBN’s decision, emphasizing the importance of stringent regulations to maintain the integrity of financial institutions.

On social media, opinions vary, with some users welcoming the move for tighter KYC processes to combat scams, while others express concern about the safety of their funds on affected platforms.