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May 4, 2024
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Stop trading crypto, OPay, Palmpay, others warn customers

Nigerian fintech companies have issued warnings to their customers against trading in cryptocurrency or any virtual currency on their platforms. The companies, including Opay, Moniepoint, PalmPay, and Paga, have threatened to block accounts found engaging in such activities.

The move comes after the Central Bank of Nigeria (CBN) recently prohibited major fintech firms like Kuda, Opay, PalmPay, and Moniepoint from onboarding new customers. This decision was linked to an ongoing audit of the Know-Your-Customer process of these fintechs, amid concerns over money laundering and terrorism financing.

Before the CBN’s directive, the Economic and Financial Crimes Commission (EFCC) obtained a court order to freeze at least 1,146 bank accounts allegedly involved in illegal foreign exchange transactions.

In compliance with the CBN directive, OPay, in a notice issued on Friday, announced strict measures against customers who violate its policy on cryptocurrency trading.

Similarly, Paga, in an email to its customers, warned against using accounts for crypto and virtual currency transactions, threatening to block accounts found in violation.

PalmPay also advised its customers against using their accounts for cryptocurrency or virtual asset transactions, stating that failure to comply might result in the suspension of their accounts.

During a recent event in Lagos, the founder and CEO of Moniepoint, Tosin Eniolorunda, called on cryptocurrency peer-to-peer (P2P) participants to halt their activities, citing the financial sector’s prohibition on such transactions.

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