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Nigeria nets ₦84.97 billion in six months after extending transfer levy to fintechs
Kemi Michael learned to avoid extra charges by sending ₦9,500 instead of ₦10,000 to her PoS agent. The EMTL increased government revenue by ₦84.97 billion after being extended to fintechs in December 2024.
CBN fines Moniepoint and OPay ₦1 Billion each as Nigeria tightens fintech regulation
CBN fines Moniepoint and OPay ₦1 billion each in Q2 2024. Routine CBN audit reveals compliance issues in fintech sector.
Nigerian fintechs ramp up compliance hiring months after customer onboarding ban
Kuda Bank, Moniepoint, OPay, and Palmpay expand compliance teams after central bank's April ban. Moniepoint hired five new transaction monitoring team members, including former OPay and Flutterwave employees.
Nigerian fintech startups could spend over $1 million on KYC address verification
Fintech startups in Nigeria must physically verify the addresses of POS agents and all other customers as part of new KYC processes. The cost of verifying POS agents could be expensive, with startups potentially paying up to ₦1000 ($0.40) per agent.
