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Nigeria NIBSS Cracks Down on Unlicensed Fintechs Masquerading as Deposit-Takers in Nigeria
In a significant move aimed at curbing fraud and addressing lapses in customer verification processes, the Nigeria Inter-Bank Settlement System (NIBSS) has issued a warning against unlicensed financial services companies masquerading as deposit-taking institutions. In a memo to banks, fintechs... -
Nigeria Fidelity Bank Imposes Funds Transfer Restrictions on Neobanks Amidst Rising KYC Concerns
Fidelity Bank, a leading Nigerian commercial bank, has taken a significant step by blocking consumer fund transfers to neobanks, including Moniepoint, Kuda, OPay, and PalmPay, due to growing apprehensions surrounding their Know Your Customer (KYC) procedures. This move follows increasing...
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