CBN continuous witch-hunt against FINTECH

[Cryptoprincess101]

I just came across a news this morning about a fine of 2 billion naira that the CBN has imposed on OPAY and MONIEPOINT FINTECH in second quarter of 2024 and i begin to imagine if the CBN are trying to witch-hunt these FINTECH banks due to their dominance in recent years because a lot of Nigerians now prefers to use this FINTECH banks for easier and faster transactions instead of going to the Banks which in most cases, frustrates their customers with network challenges and other issues. FINTECH have been gaining increase in users from Nigerians and i could recall vividly there was a time that the CBN also instructed them not to register new customers before the restrictions were lifted after about 2 months or there about. And again, they also directed all FINTECH to report any crypto transactions in their platforms. What do you think about this current regulation charges against them by the CBN, is it worth it? and even if they are to be fined for any regulation breaches, is 2 billion naira not too much for them?

https://hallmarknews.com/cbn-fined-moniepoint-opay-n2bn-in-q2-amid-tightening-of-fintech-regulation-report/?amp=1

[HajiBagi]

I just came across a news this morning about a fine of 2 billion naira that the CBN has imposed on OPAY and MONIEPOINT FINTECH in second quarter of 2024 and i begin to imagine if the CBN are trying to witch-hunt these FINTECH banks due to their dominance in recent years because a lot of Nigerians now prefers to use this FINTECH banks for easier and faster transactions instead of going to the Banks which in most cases, frustrates their customers with network challenges and other issues. FINTECH have been gaining increase in users from Nigerians and i could recall vividly there was a time that the CBN also instructed them not to register new customers before the restrictions were lifted after about 2 months or there about. And again, they also directed all FINTECH to report any crypto transactions in their platforms. What do you think about this current regulation charges against them by the CBN, is it worth it? and even if they are to be fined for any regulation breaches, is 2 billion naira not too much for them?

https://hallmarknews.com/cbn-fined-moniepoint-opay-n2bn-in-q2-amid-tightening-of-fintech-regulation-report/?amp=1

All this thing is the way to make money and this thing is our government plan, the reason why they fined them 2 billion is because many people prefer OPAY and other banks to UBA and ACCESS BANK because these banks are stealing property most especially those users that died and their family come for confirmation, Access bank is the one that people are even afraid of because of the way they are treating their customers.

The reason why I said that our government is behind this is that a bank like Opay has started deducting charges from people's accounts even when they received an alert it will be deducted and that keeps surprising me what makes Opay start doing things they have not done before, for me the 2 billion is too much because if those banks pay the money they must find a way to get them back from the customers.

[Mpamaegbu]

UBA and ACCESS BANK because these banks are stealing property...

Na d two worst Nigeria banks you mentioned there so. I pity those wey get accounts wit those banks. I used to have an account with Intercontinental Bank before Access Bank miraculously acquired dem just like dey also acquired Diamond Bank by magic. Na so dem take push me enta Access Bank. But d charges for unnecessary things from dem make me use vex withdraw my small change wey dey there leave dem.

The reason why I said that our government is behind this is that a bank like Opay has started deducting charges from people's accounts even when they received an alert it will be deducted...

Na part of FIRS direction to banks. I dey surprise wetin make all Fintech nor dey do am since. Dem dey call am EMTL and e mean
Electronic Money Transfer Levy. I sabi sey as far back as two years ago or so, my GTB dey deduct me once cash enta my account wey pass N10k but I nor know d usefulness of it. Everything under EePCee na to punish d masses with over charges. Wetin dem dey take d money do, we nor see.

[Smartvirus]

Of recent shah, there have been too many complains about AccessB and e Dey very bad say there name Dey come up for this kind matter. I no fit talk for UBA via say, I never really get update about them but, VDM don Dey very loud about AccessB lately.

The FG matter with Fintech, I go say, anywhere way FG feel say them fit probe and make money out of it na fair game to them. E Dey very discouraging to business operation in Nigeria. Last last, you no fit win, anyhow way you wan do am. With this judicial system way no dey function… imagine being told say, make you no accept new customers,,, still you Dey pay taxe to government.

All these na just banks playing politics instead of improving on their services. Nothing fintech get way them no get except say, them just choose to be bad at everything.

[nelson4lov]

~Snipped
[...]

The FG matter with Fintech, I go say, anywhere way FG feel say them fit probe and make money out of it na fair game to them. E Dey very discouraging to business operation in Nigeria. Last last, you no fit win, anyhow way you wan do am. With this judicial system way no dey function… imagine being told say, make you no accept new customers,,, still you Dey pay taxe to government.

All these na just banks playing politics instead of improving on their services. Nothing fintech get way them no get except say, them just choose to be bad at everything.

Law enforcement and FG is the same — best of same feather.

I'm saying this because they just like to take advantage of any sector that is booming and try to extort money from them. It's the same thing law enforcement officers do to the youths and what's why we're still behind on ultra sound economy development.

E get how FG go probe fintech banks too much wey be say them go fold and no go do business again in Nigeria.

Na the same way them don pursue some exchanges from serving NGN users.

[Rruchi man]

What do you think about this current regulation charges against them by the CBN, is it worth it?

The CBN usually carries out audits on banks and then will issue a fine for banks that have issues with regulatory compliance. These audits are necessary to keep all banks in line and to prevent them from some certain actions that can endanger their customers. Without these regulations, some banks will act in some manner, knowing that there is no consequence or anyone to answer to. That it is a fintech does not mean the government should treat them less or that the government's action towards them is out of prejudice.

The fine that they have been asked to pay is nothing compared to the profits they have made.

[B-BossMan]

I just came across a news this morning about a fine of 2 billion naira that the CBN has imposed on OPAY and MONIEPOINT FINTECH in second quarter of 2024 and i begin to imagine if the CBN are trying to witch-hunt these FINTECH banks due to their dominance in recent years because a lot of Nigerians now prefers to use this FINTECH banks for easier and faster transactions instead of going to the Banks which in most cases, frustrates their customers with network challenges and other issues. FINTECH have been gaining increase in users from Nigerians and i could recall vividly there was a time that the CBN also instructed them not to register new customers before the restrictions were lifted after about 2 months or there about. And again, they also directed all FINTECH to report any crypto transactions in their platforms. What do you think about this current regulation charges against them by the CBN, is it worth it? and even if they are to be fined for any regulation breaches, is 2 billion naira not too much for them?

https://hallmarknews.com/cbn-fined-moniepoint-opay-n2bn-in-q2-amid-tightening-of-fintech-regulation-report/?amp=1

OP the money is actually 1billion each,it seems that the CBN wants to regulate the Fintech space,you know this fenteches like opay, moniepoint and others have gained a lot of customers or popularity due to their fast transactions and easy operation.
But to me it worth noting because CBN also recently show some concerns on the Fenteches KYC issues which is critical aspect of preventing financial crimes and if really Fenteches and CBN tends to work well on the regulatory I think the financial stability will be more effective in our country.

You can also read on this https://www.nairaland.com/8290964/cbn-fines-moniepoint-opay-1

[Hewlet]

But to me it worth noting because CBN also recently show some concerns on the Fenteches KYC issues which is critical aspect of preventing financial crimes and if really Fenteches and CBN tends to work well on the regulatory I think the financial stability will be more effective in our country.

the thing be say them go wan use sense talk about the poor KYC process when Opay and palmpay de do and say e no reach the expected quality the CBN expected of them but we all know say the main reason na say these two micro finance banks don make a combined profit that is more than what most commercial banks are earning and the only way of getting part of these money na to frame up one or two reason us am collect from these fun tech.

Compaired to what these fun tech companies are getting, paying one billion naira no be big thing for them most expecially when you de see say them still de operate as micro finance banks when fall under small and medium enterprise and yet then de make better money pass the commercial banks. To call company when de earn billions as yearly revenue a small and . medium enterprise na where the issue de and if e be say the CBN no fit do anything about am,  na to tax then go be the thing. Regardless of the amount they tax these fin tech, they have coke to stay and it will only take time before the regular banking process fades out gradually.

[Coyster]

I think so, i bin ask this same question months ago, CBN talk say make banks no put hand for crypto transactions, but na only fintech banks dem force to put the warning for their platform, wetin do other commercial banks. I know say crypto users dey prefer fintech banks, but most people started with commercial banks and a few people still dey use dem, so why all banks no put up the notice, and why did they only stop fintech banks from onboarding new customers.

If you tell me say the CBN dey frustrate these fintech banks purposely, i fit agree with you, dem fit dey do am to help commercial banks regain some of their customers wey dem lose.

[Richbased]

If you tell me say the CBN dey frustrate these fintech banks purposely, i fit agree with you, dem fit dey do am to help commercial banks regain some of their customers wey dem lose.

You get point for here because the people wey dey use this FINTECH banks plenty because of the way banks dey delay transactions before e dey go through and if na person wey wan do urgent transactions, e go become big problem to am. Me i follow believe say all dis things wey CBN dey do na just out of jealousy even if e be say those FINTECH violated any regulation, the CBN no suppose dey hard on dem because dem even help reduce stress for banks. Imagine say the whole millions of people wey dey use FINTECH still dey use banks to make transactions, no be big congestions e for cause. Make dem just stop to dey use style dey fight these FINTECH banks dem abeg, dem dey help us a lot.

[Felicity_Tide]

I just came across a news this morning about a fine of 2 billion naira that the CBN has imposed on OPAY and MONIEPOINT FINTECH in second quarter of 2024 and i begin to imagine if the CBN are trying to witch-hunt these FINTECH banks due to their dominance in recent years because a lot of Nigerians now prefers to use this FINTECH banks for easier and faster transactions instead of going to the Banks which in most cases, frustrates their customers with network challenges and other issues. FINTECH have been gaining increase in users from Nigerians and i could recall vividly there was a time that the CBN also instructed them not to register new customers before the restrictions were lifted after about 2 months or there about. And again, they also directed all FINTECH to report any crypto transactions in their platforms. What do you think about this current regulation charges against them by the CBN, is it worth it? and even if they are to be fined for any regulation breaches, is 2 billion naira not too much for them?

https://hallmarknews.com/cbn-fined-moniepoint-opay-n2bn-in-q2-amid-tightening-of-fintech-regulation-report/?amp=1

I don't know what must have triggered the fine, but TBH, 2Billion is quite massive for these companies IMO. Even though these FINTECH are making waves and names for themselves, and most especially, money for themselves, the government should be careful on how they handle these private firms. Truth is, we can't compare the services that these firms offers to the normal banks around us. The only limitation of these firms is just their office locations. They have limited offices, which is unlike the normal banks. Aside that, they're are offering a very good service far better than the banks.

And, the funny thing here is, these firms might even choose to overlook those who makes uses of their service for crypto related transaction, because you don't expect the government to fine them such an amount, and still expect them to restrict crypto transactions. I believe no one will want to be on a lossing side, so these FINTECH companies that got fined might want cut own corners.

[Spaceman1000$]

I just came across a news this morning about a fine of 2 billion naira that the CBN has imposed on OPAY and MONIEPOINT FINTECH in second quarter of 2024 and i begin to imagine if the CBN are trying to witch-hunt these FINTECH banks due to their dominance in recent years because a lot of Nigerians now prefers to use this FINTECH banks for easier and faster transactions instead of going to the Banks which in most cases, frustrates their customers with network challenges and other issues. FINTECH have been gaining increase in users from Nigerians and i could recall vividly there was a time that the CBN also instructed them not to register new customers before the restrictions were lifted after about 2 months or there about. And again, they also directed all FINTECH to report any crypto transactions in their platforms. What do you think about this current regulation charges against them by the CBN, is it worth it? and even if they are to be fined for any regulation breaches, is 2 billion naira not too much for them?

https://hallmarknews.com/cbn-fined-moniepoint-opay-n2bn-in-q2-amid-tightening-of-fintech-regulation-report/?amp=1

Obviously other commercial Banks are fighting FINTECH through CBN, they've been cracking down on FINTECH since last year coming instead of focusing on increase their services and the reason is simply, most of the commercial bank customers are moving in troves to FINTECH services because of how effective their services are.But no matter what CBN will do, people will not stop patronizing the services of the fintech companies as it has come to stay, CBN should accept it as the new normal.

[promise444c5]

~

No matter how they do it, Fintechs will still always have upper hand , recently  Opay started charging  #50 over every transactions above 10k apart from the one you mentioned above,.

I knew this was all government wants right from the beginning but it still don't change anything that Nigerians won't be taking Commercial banks serious until they improve their system and even of they do its already too late  just few might get back to how they are used to using commercial banks.  
They now charge like normal commercial banks (a bit less plust you can decide to invest and still ern on your fiat) but the difference is clear in Interm of speed ( for me ).

[Ever-young]

~

No matter how they do it, Fintechs will still always have upper hand , recently  Opay started charging  #50 over every transactions above 10k apart from the one you mentioned above,.

That N50 charge for all transaction way reach 10k and above nah law way this commercial banks been they avoid to obey, me self no see reason why dem they charge N50 for stamp duty ontop money way dem no they carry do anything, the funny part be say even if u send money from one of ur account to another same bank or no same bank dem go still cut that charge, me I don normalize to they send #9999 as long as the amount way I wan send still they under the free transfer grade, no be me dem go carry shine for this country, them they chop for almost everywhere yet them no wan improve for areas way dem suppose improve.

[Cryptoprincess101]

~

No matter how they do it, Fintechs will still always have upper hand , recently  Opay started charging  #50 over every transactions above 10k apart from the one you mentioned above,.

That N50 charge for all transaction way reach 10k and above nah law way this commercial banks been they avoid to obey, me self no see reason why dem they charge N50 for stamp duty ontop money way dem no they carry do anything, the funny part be say even if u send money from one of ur account to another same bank or no same bank dem go still cut that charge, me I don normalize to they send #9999 as long as the amount way I wan send still they under the free transfer grade, no be me dem go carry shine for this country, them they chop for almost everywhere yet them no wan improve for areas way dem suppose improve.

Lol, no be small smartness you play for there o, #9999? Nigerians una own no good o. But come to even think of it, dis #50 wey dem dey charge for #10k transaction is really criminal and they can't even account for those charges all. Nigerians go show dem wiseness sha because some people ready dey transfer #5k till e reach amount wey dem wan send in total just to avoid those charges. Talking of stamp duty, i think say na when person dey perform transactions for bank na e dey require stamp abi dem dey also stamp transactions wey person dey do online. The matter tire person for dis country because the government just dey use different different avenue dey rob people of their money and we go dey think say na small money dem dey charge but wen you calculate am multiplied by the number of transactions wey people dey perform in a day you go know say no be small money be dat.

[Asiska02]

All this thing is the way to make money and this thing is our government plan, the reason why they fined them 2 billion is because many people prefer OPAY and other banks to UBA and ACCESS BANK because these banks are stealing property most especially those users that died and their family come for confirmation, Access bank is the one that people are even afraid of because of the way they are treating their customers.

Hmm, i just saw this some weeks ago on social media when VeryDarkMan was calling out Acess Bank for denying a deceased sister from getting the money her brother left in the account. Many of this banks I think operate similarly but it happens that a lot of complains were laid on Acceess bank on been the worst on that. How can a bank hold on to the money of a deceased and deny not having money in their account, that’s so wicked of them and I don’t think I’ll even what to leave any large amount of money in any bank.

The reason why I said that our government is behind this is that a bank like Opay has started deducting charges from people's accounts even when they received an alert it will be deducted and that keeps surprising me what makes Opay start doing things they have not done before, for me the 2 billion is too much because if those banks pay the money they must find a way to get them back from the customers.

This charges was well informed before they started deducting it, I think it is on all banks and not only fintechs. The regulations was from above and all money received by a bank from N10,000 and above will be fined N50 and that already took effect like a month ago or so. This is just the government way of generating more revenues from us. Smart Nigerians are now sending N9,999 for N10,000 to avoid this charges. They say it is better to sacrifice N1 than to lose N50 to the bank.