Nigerian fintech companies, including Opay, Moniepoint, PalmPay, and Paga, have cautioned their customers against engaging in cryptocurrency or virtual currency trading on their platforms. They have threatened to block accounts found violating this policy.
The Central Bank of Nigeria (CBN) recently directed major fintech firms to stop onboarding new customers as part of an audit of their Know-Your-Customer processes. This move comes amid concerns over money laundering and terrorism financing.
Opay, in a notice to its customers, stated its prohibition of cryptocurrency trading, aligning with the CBN's stance. Paga also warned its customers against using their accounts for crypto transactions, stating that violators would be blocked.
PalmPay issued a similar warning, advising customers against using their accounts for cryptocurrency transactions. Failure to comply may result in the suspension of accounts.
Moniepoint's CEO, Tosin Eniolorunda, urged participants in cryptocurrency peer-to-peer transactions to cease their activities, citing the financial sector's prohibition on such transactions.
