The Corporate Affairs Commission (CAC) has announced that it will place fintech companies like Opay and Moniepoint on a watchlist. This move aims to ensure that these financial technology firms comply with regulatory standards. CAC will also report their activities to the Central Bank of Nigeria (CBN).
According to officials, the decision comes amid concerns about compliance and financial transparency in the fintech sector. By monitoring these companies closely, regulators hope to prevent potential financial irregularities and protect consumers.
The CAC emphasized that all fintechs must follow existing rules and regulations. Companies on the watchlist will be required to submit regular reports and maintain proper documentation to avoid sanctions. This step is part of broader efforts to strengthen oversight in Nigeria’s digital financial sector.
Industry experts have welcomed the move, saying it will improve accountability and trust in digital payments. They noted that as fintech usage grows, monitoring and regulatory enforcement are essential to safeguard users and promote financial stability.
