The Central Bank of Nigeria (CBN) imposed fines of ₦1 billion each on Moniepoint and OPay in Q2 2024 as part of heightened regulatory audits of the fintech sector, TechCabal reports.
The penalties stem from compliance issues uncovered during routine inspections.
While other fintech companies were also sanctioned, Moniepoint and OPay faced the most significant penalties, reflecting CBN's intensified focus on ensuring adherence to regulatory standards within the rapidly growing fintech industry.
Two sources familiar with the process told the medium that these regulatory checks are a standard procedure for banks and financial institutions under CBN oversight.
At least four other fintech companies were similarly penalized, though the details of these fines remain unknown.
The apex bank has increasingly relied on fines to enforce regulatory compliance. In 2023, Nigerian banks paid a combined N678 million in penalties.
In October 2024, the CBN and the Securities and Exchange Commission (SEC) imposed an N15 billion fine on ten commercial banks for various infractions in the first half of the year.