Nigerian Fintechs Challenge Crypto Usage: Bitcoin (BTC) and Ethereum (ETH) Investors Face Pressure

• Nigerian fintech platforms, including Moniepoint, PalmPay, and Paga, have increased their measures against cryptocurrency transactions in line with directives from the Central Bank of Nigeria (CBN).
• Users of these platforms are now at risk of having their accounts blocked if they engage in crypto-related activities.
• Moniepoint has issued a notification to its customers stating that accounts involved in crypto transactions would be closed and user details shared with relevant authorities.

Nigerian fintech platforms tighten measures against cryptocurrency transactions, enforcing Central Bank of Nigeria’s directives, resulting in potential account closures for users.

Nigerian Fintechs Enforce CBN Directives

Several Nigerian fintech platforms, including Moniepoint, PalmPay, and Paga, have intensified their measures against cryptocurrency transactions. These actions are in line with directives from the Central Bank of Nigeria (CBN). Users of these platforms now face the risk of having their accounts blocked if they engage in crypto-related activities.

Moniepoint Notifies Customers of Account Closure

On May 2, 2024, Moniepoint issued a notification to its customers. It stated that accounts involved in crypto transactions would be closed. It also mentioned that user details would be shared with relevant authorities. This step follows CBN’s guidelines for regulating the digital currency space.

PalmPay and Paga Follow Suit

Similarly, PalmPay and Paga have also communicated to their customers the risks of engaging in cryptocurrency transactions. A user of PalmPay reported that his account was frozen due to such activities. The account ... Read the full article for FREE at COINOTAG!