In a move by the Central Bank of Nigeria to halt crypto currency trading in the country, the apex bank has taken a stance which has forced several fintech companies to issue a warning to their customers.
The affected companies, include, OPay, PalmPay, Moniepoint, and Paga, which have all informed their customers that that crypto currency transactions will no longer be allowed on their platforms.
These recent developments indicate a strengthening of regulations around crypto currency trading in Nigeria.
In a statement made by OPay, any accounts found engaging in crypto trading will be blocked, and user details could be forwarded to the regulatory authorities.
Paga, a fintech firm that has reportedly processed transactions worth around $32bn in over a decade of operation, has said in an email to its users, “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,” it said.
Several other fintech agencies have taken measures informing their customers of the recent development.
