Okay Let's get thus straight
Any system of Fiat exchange is centralised as it need to be accounted to government and its agency to maintain the inflows and outflows.
My view on this :
Plans are not going quite well on crypto exchange wallets
Now there's a switch to to some particular set of banks,
Sooner they will start altering our privacy checking transaction and lot more ...
They forgot there are some things that need to be stabilized apart from the dollar, they kept doing things blindly with no one to correct them or maybe they are not just taking corrections.
What will be their next target?? Telecoms?? Lol.
Topic: FX CRISIS: Opay, palmpay other fin tech barned from registering new customers - page 2. (Read 307 times)
April 29, 2024, 07:10:22 PM
April 29, 2024, 07:05:34 PM
Or is it possible that bank owners can liaise with the government to place this kind of ban just to get people back from using these fin tech companies that has gradually taken the Nigerian financial system from banks?
What's your view on this?
Why will the government fight in favour of the other? Both are offering financial services to Nigerian citizens; they are all licensed, they all pay taxes, and they have policies that they abide by, so why will the government work with some banks and commercial bank owners to limit their competitors services? What's your view on this?
April 29, 2024, 06:58:43 PM
CBN is just moving mad these days. While I applaud the commission for trying to remedy the situation, I feel like they are going about it the wrong way. Rather than directly try to improve the economy, CBN is devoting all resources for a temporary fix which in my opinion will go kablowey. Stopping new user registration will provide CBN to trace the transaction of all existing customers and fish out users engaging in crypto transactions?
It's very disappointing to wake up everyday to new stories about the CBN trying to make moves like this that haven't impacted the economy in any way (YET).
It's very disappointing to wake up everyday to new stories about the CBN trying to make moves like this that haven't impacted the economy in any way (YET).
April 29, 2024, 06:54:38 PM
Why not just add the link. Like this: Forex deals: CBN stops 4 fintechs from onboarding new customers
They manipulated naira price down and inflation increased but they were unable to control the inflation but increase the value of naira back. This CBN should be investigated for manipulation. The CBN are only looking for solution where there is no solution.
Isn't this an attack on anything that's decentralized and void of government regulations?
There is nothing decentralized about this. They are all centralized.What's your view on this?
They will see something to talk about just like how they made everyone to believe that crypto exchanges was the cause of naira value depreciation. CBN said it and started increasing naira value to make people believe.They manipulated naira price down and inflation increased but they were unable to control the inflation but increase the value of naira back. This CBN should be investigated for manipulation. The CBN are only looking for solution where there is no solution.
April 29, 2024, 06:50:25 PM
Isn't this an attack on anything that's decentralized and void of government regulations?
What do you mean here? Do you think those fintech companies offer a decentralised service? If you are thinking so, then you are wrong. They are completely centralised, just like any other financial system.
The government might just be trying to limit the number of new people that might create new accounts to use for forex or for other purposes. As it's clear, this microfinance bank offers a faster payment service compared to the commercial banking system, which a lot of people use for daily transactions, making it their number one option.
Quote
Or is it possible that bank owners can liaise with the government to place this kind of ban just to get people back from using these fin tech companies that has gradually taken the Nigerian financial system from banks?
What's your view on this?
Why will the government fight in favour of the other? Both are offering financial services to Nigerian citizens; they are all licensed, they all pay taxes, and they have policies that they abide by, so why will the government work with some banks and commercial bank owners to limit their competitors services? What's your view on this?
If you don't mind, can you share a link to the news? A lot of us will like to read through the news.
April 29, 2024, 06:37:42 PM
Four Nigerian fintech companies have been directed by the Central Bank of Nigeria (CBN) to suspend onboarding new customers.
The affected fintech are OPay, Palmpay, Kuda Bank, and Moniepoint.
This directive comes amidst investigations into allegations that accounts on these platforms have been used for illegal foreign exchange transactions.
A representative from two of the affected companies confirmed the CBN’s order is linked to these accusations.
However, they noted that the directive might be misdirected, as the majority of the implicated accounts belong to commercial banks, not fintech platforms.
. “I can confirm that 90% of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10% are with fintechs,” one of the sources said.
Isn't this an attack on anything that's decentralized and void of government regulations?
Or is it possible that bank owners can liaise with the government to place this kind of ban just to get people back from using these fin tech companies that has gradually taken the Nigerian financial system from banks?
What's your view on this?
The affected fintech are OPay, Palmpay, Kuda Bank, and Moniepoint.
This directive comes amidst investigations into allegations that accounts on these platforms have been used for illegal foreign exchange transactions.
A representative from two of the affected companies confirmed the CBN’s order is linked to these accusations.
However, they noted that the directive might be misdirected, as the majority of the implicated accounts belong to commercial banks, not fintech platforms.
. “I can confirm that 90% of the accounts implicated in the illicit forex transactions are with commercial banks, and only 10% are with fintechs,” one of the sources said.
Isn't this an attack on anything that's decentralized and void of government regulations?
Or is it possible that bank owners can liaise with the government to place this kind of ban just to get people back from using these fin tech companies that has gradually taken the Nigerian financial system from banks?
What's your view on this?
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