Opay, one of Nigeria’s top fintech company has debunked reports that it was fined by the Central Bank of Nigeria, CBN, over issues relating to regulatory compliance.
Previous reports had claimed that Opay, Moniepoint and some fintechs were hammered by the CBN for breaching operational and regulatory guidelines.
The companies were forced to pay N1 billion each for the violations in the second quarter of the year, according to Techcabal, which quoted sources in the apex bank.
The penalties followed a routine CBN audit of the fintech sector, which revealed compliance issues, the sources said, saying regulatory checks are standard procedures by the apex bank for banks and financial institutions in the country.
Reacting, Opay said in a statement on Tuesday that the reports were “false” as the company was not fine for regulatory non-compliance by the apex bank.
We categorically refute the claims that OPay Digital Services was fined by the Central Bank of Nigeria to the tune of N1 billion for regulatory infractions. These claims are entirely false,” OPay said in the statement.
Other fintechs reportedly fined by the Yemi Cardo-led CBN have yet to refute the claim.
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