Nigerian commercial bank Fidelity Bank have unrestricted transfers to Moniepoint, PalmPay, OPay and Kuda Bank.
BrandSpur Nigeria recalls that Fidelity Bank had removed the neobanks from its platforms citing rising fraud and customer verification related concerns.
The commercial bank has now reinstated transfers to and from the neobanks after a regulator, the Nigeria Inter-Bank Settlement System (NIBSS), expressed its displeasure with Fidelity Bank’s decision to block transfers to these banks.
Fidelity Bank Unblocks Transfers To Neobanks In Nigeria
Further checks by BrandSpur Nigeria reveals that transfers can now be made to and from both banks.
This digital news platform understands that Neobanks have become increasingly popular and helpful after a policy-driven cash crunch, making them a payment choice. Almost instant transaction speeds and lower fees make these neobanks darlings to merchants and vendors in the country, helping them receive customer payments and scaling their businesses
