* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, June 8, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Apple Watch and the future of wearable technology in healthcare – MSN

    Revolutionizing Healthcare: The Future of Wearable Technology with Apple Watch

    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

    Exciting Updates from the Middle Eastern Entertainment Scene!

    Ceramic Dalmatian Entertainment is WLAF’s Business of the Week – WLAF

    Spotlight on Success: Ceramic Dalmatian Entertainment Shines as This Week’s Featured Business!

    Brass Lion Entertainment unveils co-op action RPG Wu-Tang: Rise of the Deceiver – VentureBeat

    Unleash Your Inner Warrior: Discover the Co-Op Action RPG Wu-Tang: Rise of the Deceiver!

    Entertainment lineup released for 2025 Mississippi State Fair – WAPT

    Exciting Entertainment Lineup Unveiled for the 2025 Mississippi State Fair!

    After Denzel Washington Said He Would Be In Black Panther 3, Ryan Coogler Explained Why He’s ‘Fine’ With That Information Being Revealed So Early – Yahoo

    Ryan Coogler Shares Why He’s Cool with Denzel Washington’s Black Panther 3 Reveal!

    Traveling Tacos and Tequila Festival to stop at Florence Yall’s stadium this October – Cincinnati Enquirer

    Get Ready for a Flavor Fiesta: Traveling Tacos and Tequila Festival Hits Florence Y’all’s Stadium This October!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

    Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Drag racer survives frightening airborne crash at World Wide Technology Raceway – FOX 2

    Apple Watch and the future of wearable technology in healthcare – MSN

    Revolutionizing Healthcare: The Future of Wearable Technology with Apple Watch

    ECS Professor Pankaj K. Jha Receives NSF Grant to Develop Quantum Technology – Syracuse University News

    Unlocking the Future: ECS Professor Pankaj K. Jha Secures NSF Grant for Groundbreaking Quantum Technology Development

    Fire Tech Brief: 5 Fire Apparatus Technology Upgrades – firehouse.com

    Revving Up Safety: 5 Innovative Upgrades for Fire Apparatus Technology

    U.S. FDA Grants Platform Technology Designation to the Viral Vector Used in SRP-9003, Sarepta’s Investigational Gene Therapy for the Treatment of Limb Girdle Muscular Dystrophy Type 2E/R4 – Sarepta Therapeutics

    Breakthrough for Gene Therapy: FDA Designates Viral Vector in Sarepta’s SRP-9003 for Limb Girdle Muscular Dystrophy Treatment

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Exclusive: Fidelity Bank blocks transfers to OPay, Moniepoint, and Palmpay over KYC concerns

October 26, 2023
in Technology
Exclusive: Fidelity Bank blocks transfers to OPay, Moniepoint, and Palmpay over KYC concerns
Share on FacebookShare on Twitter

Fidelity Bank, a Nigerian commercial bank, has blocked neobanks like OPay, Palmpay, Kuda, and Moniepoint over concerns that their lax KYC processes are leading to increased fraud cases.

Nigerian commercial bank Fidelity Bank is restricting consumer fund transfers to neobanks, including Moniepoint, Kuda, OPay, and PalmPay, said multiple sources with direct knowledge of the matter. A week ago, a small number of customers first noticed that these neobanks were no longer listed on the list of approved financial institutions on the Fidelity Bank app. At least five sources have now confirmed the development.

The affected digital financial services remain unavailable for selection on Fidelity Bank’s mobile app at press time. While the bank informed customers that the restrictions were related to an app upgrade, two people with direct knowledge of the matter and other sources at the affected fintechs told a different story.

Five people close to the situation told TechCabal that the transfer restrictions began at least two weeks ago over rising fraud and customer verification concerns. OPay denied being affected by the restrictions, despite complaints from customers saying otherwise. Sofia Zab, Palmpay’s Chief Marketing Officer, told TechCabal: “They gave us a notice last week that they are upgrading their systems and will put us back after that is done.” A source at Moniepoint also confirmed the restriction. Fidelity Bank declined to comment for this story.

Sources connected to the bank told TechCabal that the restrictions are related to mounting fraud losses. At least three banking industry experts said that Nigerian banks and fintech companies have suffered massive losses to cyber attacks and fraudsters since the start of the year. “The issues are due diligence and KYC,” said a bank source who asked not to be named. “Until they get their house in order, they will continue to experience issues [like being blocked] by banks.” According to two people at fintech startups, while Fidelity Bank did not share specific KYC concerns, the neobanks are working to understand the issues. 

A highly placed person at a Nigerian bank told TechCabal that before the uptick in cases of fraud, traditional banks rarely bothered with KYC for Neobanks. But that is changing with the rise in fraud; traditional banks are not only requesting to see the KYC verification of these neobank users, but they sometimes want to conduct KYC for the customers. 

Per people familiar with the matter, neobanks like OPay and Moniepoint sometimes use third-party verification companies to collect and verify customer information. These providers verify customer identity remotely using digital documents and biometric verification. While this mode of verification is faster and more convenient for customers, traditional banks feel it may not always be sufficient.

“It’s just a case of a kettle calling a pot black,” one expert said. “While neobanks can be loose about their KYC, the traditional banks also don’t conduct their KYC well. They may be stringent with you when they start, but I doubt if they verify these documents, especially when you change them.” 

Away from these anti-fraud systems, there are valid questions about whether a bank can unilaterally restrict transfers to another bank, and the CBN Customer Due Diligence Regulations 2023 is silent on the matter. Existing regulations state that banks should have a risk management framework in place to identify and mitigate the risks.

It is unclear whether Fidelity Bank communicated to the CBN before it began restricting accounts. Sources close to the situation say the bank likely acted without the regulator’s consent. “They can silently do it. If your house is about to burn down, you have to save yourself,” an industry leader told TechCabal. “Even if the regulators ask the bank, they would deny it and say they are having a technical issue. ”

Get the best African tech newsletters in your inbox

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechCabal – https://techcabal.com/2023/10/25/fidelity-blocks-neobanks-over-kyc/

Tags: ExclusiveFidelitytechnology
Previous Post

Nigerian Fintech Week Day 1: Resilience, innovation and diversification key to building a robust tech ecosystem

Next Post

Vella Finance to stop crypto trading and focus on SME banking

Shotgun sequencing of airborne eDNA achieves rapid assessment of whole biomes, population genetics and genomic variation – Nature

Revolutionizing Biodiversity: Rapid Insights into Ecosystems and Genetic Diversity Through Shotgun Sequencing of Airborne eDNA

June 8, 2025
Earth’s energy balance is rising much faster than scientists predicted, and we have no idea why – Live Science

Unraveling the Mystery: Earth’s Energy Balance is Surging Faster Than Expected!

June 8, 2025
The Undermining of Science — and Society — Continues – UExpress

How the Erosion of Science is Impacting Our Society

June 8, 2025
10 habits that secretly ‘kill’ your happy hormones – Times of India

10 Surprising Habits That Sabotage Your Happy Hormones

June 8, 2025
A GPS Blackout Would Shut Down the World – WIRED

How a GPS Blackout Could Bring the World to a Standstill

June 8, 2025
Six Steps To Ruin a Country’s Image, Economy, and Global Standing | Opinion – Newsweek

Six Surefire Ways to Dismantle a Nation’s Reputation and Prosperity

June 8, 2025
Middle Eastern Entertainment Headlines at 5:49 a.m. GMT – Yahoo

Exciting Updates from the Middle Eastern Entertainment Scene!

June 8, 2025
Omada shares rise 21% in Nasdaq debut after health tech company’s IPO – CNBC

Omada Soars 21% in Thrilling Nasdaq Debut Following Successful IPO!

June 8, 2025
Politics-Based Investing Sounds Smart. But These Strategies Work Better. – Barron’s

Politics-Based Investing Sounds Smart. But These Strategies Work Better. – Barron’s

June 8, 2025
Innovation at Scale: How P&G Transforms Business Through Technology – Procter & Gamble

Revolutionizing Business: P&G’s Bold Journey into Technological Innovation

June 8, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (677)
  • Economy (690)
  • Entertainment (21,596)
  • General (15,271)
  • Health (9,732)
  • Lifestyle (694)
  • News (22,149)
  • People (691)
  • Politics (698)
  • Science (15,909)
  • Sports (21,193)
  • Technology (15,676)
  • World (675)

Recent News

Shotgun sequencing of airborne eDNA achieves rapid assessment of whole biomes, population genetics and genomic variation – Nature

Revolutionizing Biodiversity: Rapid Insights into Ecosystems and Genetic Diversity Through Shotgun Sequencing of Airborne eDNA

June 8, 2025
Earth’s energy balance is rising much faster than scientists predicted, and we have no idea why – Live Science

Unraveling the Mystery: Earth’s Energy Balance is Surging Faster Than Expected!

June 8, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version