On the 3rd of May 2024, Nigerian fintech companies have issued a cautionary message to their clients, advising against indulging in cryptocurrency or any form of virtual currency trading within their platforms.
They have sternly warned that any accounts detected participating in such activities will be promptly blocked.
Opay, Moniepoint, PalmPay, and Paga are among the fintech companies that have relayed this important information to their users just last Friday.
This announcement coincided with the recent decision by the Central Bank of Nigeria to halt the acceptance of new customers by major fintech firms such as Kuda, Opay, PalmPay, and Moniepoint.
The CBN’s actions were prompted by an ongoing review of the Know-Your-Customer procedures being implemented by these fintech companies, which have come under increasing scrutiny due to potential issues related to money laundering and terrorist financing in recent months.
Preceding the directive from the Central Bank of Nigeria, the Economic and Financial Crimes Commission had taken legal steps to freeze a total of 1,146 bank accounts associated with individuals and entities suspected of illegal activities involving foreign exchange transactions.
Globaltrust.ng
