One of Nigeria’s digital payment and fintech firms, Opay, has warned customers against trading cryptocurrency or conducting virtual currency transactions on its platform.
The company stated in a notice to customers on Friday, May 3, 2024, that it would permanently block any account engaging in such trading and send the account details to the authorities.
The payment company also prohibited customers from engaging in foreign currency and money laundering activities on the platform.
Reports say this development is due to the Central Bank of Nigeria (CBN) intensifying its regulatory oversight of fintech firms in the country.
TimesNow.com.ng reported that the apex bank had directed Opay, Moniepoint, Palmpay, and Kuda Bank to stop opening new customer accounts.
Opay said:
The warning by the fintech firm comes as Nigeria’s National Security Adviser (NSA) reportedly classified crypto trading as a national security challenge.
Analysts say the new classification could mean a new regulation may be coming, which could ban peer-to-peer crypto trading.
Reports say the NSA’s classification restricted the four financial technology firms from onboarding new customers.
TimesNow.com.ng earlier reported that Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds.
In a statement on its X account on Tuesday, April 30, 2024, the bank said it’s committed to fighting illegal financial activities in the country.
Nigerians on social media have expressed mixed feelings about the directives by the CBN mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions.
Source: TimesNow.com.ng
