Commercial bank, Fidelity Bank has finally restored transfers to digital banks, OPay, Palmpay, Kuda, and Moniepoint after it yanked them off due to KYC concerns.
The neobanks were delisted from the bank app due to rising fraud and customer verification concerns.
Sources in the bank has now confirmed to TechCabal that it has reinstated customer transfers to the neobanks.
“We have been in talks with them [Fidelity], so we knew when they were going to restore us,” a source at one of the affected neobanks told TechCabal. The reinstatement of transfers comes after a regulator, the Nigeria Inter-Bank Settlement System (NIBSS), expressed its displeasure with Fidelity Bank’s decision to block transfers to these banks, one source close to the matter said.
