One of Nigeria’s prominent fintech companies, OPay, has issued a stern caution to its users regarding cryptocurrency or any virtual currency trading within its app.
“In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities,” the company warned.
The company stated it would swiftly block accounts involved in such activities and share the account holder’s information with regulatory authorities.
This notice coincides with the Central Bank of Nigeria’s intensified scrutiny of fintech firms across the nation. Earlier directives from the CBN instructed OPay, Moniepoint, Palmpay, and Kuda Bank to halt the onboarding of new customers.
In adherence to the CBN’s directive, OPay explicitly prohibits cryptocurrency and virtual currency trading. Any account found contravening this policy will be promptly closed, with customer details forwarded to regulatory bodies, as emphasized by the company.
This cautionary move by OPay comes amidst reports that Nigeria’s National Security Adviser (NSA) has classified cryptocurrency trading as a matter of national security.
According to Moniepoint’s CEO, Tosin Eniolorunda, this classification signals impending crypto regulations, including a ban on peer-to-peer cryptocurrency trading. Fintech companies are now obliged to report any detected crypto trading accounts to the NSA via their regulatory body, the CBN. This classification has resulted in the restriction placed on the aforementioned four fintech companies from acquiring new customers.
