Nigeria’s financial technology bank, Opay, said it has closed non-compliant accounts amid the recent Central Bank of Nigeria’s restriction.

According to Nairametric, Opay disclosed this in a statement on Tuesday.

KUGJAY MEDIA reports that OPay, Palmpay, Kuda Bank, and Moniepoint were restricted from onboarding new customers due to allegations of accounts being used for illicit foreign exchange transactions.

However, OPay said it remains committed to working closely with CBN and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

“As a regulatory-compliant institution, OPay follows the rules the CBN and other regulators set to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud,” it stated.

Opay and other fintech companies have temporarily paused onboarding new customers and creating new wallets to support government efforts to clean up the financial industry.

“We want to assure our customers that their funds are secure and their data is protected, which is a temporary measure,” Opay said.

The development comes amid the Nigerian government’s clampdown on currency speculators in the foreign exchange market.

Recently, the court granted the Economic Financial Crimes Commission’s request to freeze 1,146 bank accounts.