Nigerian fintechs crack down on crypto, users face account blocks

The Nigerian central bank’s attitude to crypto has been inconsistent in recent years, and the crackdown contradicts a decision taken in 2021 to facilitate crypto account opening.

Some Nigerian fintech platforms have warned users against using their accounts to make crypto transactions or face heavy sanctions amid the country’s ongoing efforts to regulate cryptocurrency.

Nigerian fintech firms Moniepoint, PalmPay and Paga have notified customers that their accounts will be blocked if they facilitate crypto transactions with them. This comes after the Central Bank of Nigeria (CBN) ordered some new banks, including Moniepoint, to stop onboarding new customers.

In the notification issued to customers on May 2, 2024, Moniepoint said:

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