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Opay, PalmPay, and other Fintech block cryptocurrency transactions under CBN Directive

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In alignment with the Central Bank of Nigeria’s policy, many Fintechs have warned their users about the trading of cryptocurrencies.

Opay, Palmpay, Paga, and Moniepoint have communicated this development to their customers stating that such transactions are barred.

Last week, CBN reportedly ordered major Fintechs like PalmPay, Moniepoint, Kuda, and Moniepoint against signing new customers.

In Nigeria, the most recent trend indicates regulatory framework adjustments on cryptocurrency transactions.

In detail, the CBN’s action links to an on-going audit of the Know-Your-Customer process for Fintechs.

The issue of money laundering and terrorism funding has been under scrutiny for several months.

According to Opay’s notice on Friday, any account involved in crypto trading, foreign exchange, or money laundering will be closed down.

It will not be responsible for loss of funds in any of the transactions above, Opay warns.

“In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading.

Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities.

“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” Opay warned.

Opay promises to implement strict measures against customers who breach its policy in line with the CBN’s policy on cryptocurrency trading.

It threatens to forward the violator’s details to the regulatory authorities.

Other Fintechs warned its customers about involvement in Cryptocurrency Trading

In a similar move, Fintech firms have issued messages in support of their compliance with the CBN Regulation.

Paga, which boasts successful transactions worth $32 billion in 15 years of operation, emailed its customers concerning this.

“As a Paga account holder, please ensure that your account is not used for crypto and virtual currency transactions.

Paga accounts in violation of this regulation will be blocked.”

PalmPay, another leading Fintech stated in an email, “We strongly advise against using your PalmPay account for transactions involving cryptocurrencies or any other virtual assets. Please be advised that failure to comply with these regulations may result in the suspension of your account.”

Following the Financial Sector prohibition on cryptocurrency transactions, Moniepoint asked cryptocurrency peer-to-peer participants to suspend their activities.

The Chief Executive Office of Moniepoint, Tosin Eniolorunda issued this statement on Thursday.

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