4 Fintech Companies Give Their Customers Final Warning Over Their Account.

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`The Fintech companies have warned their customers against trading in crypto and virtual currency transactions to avoid their accounts being frozen. In a secular that went viral last week where the leading fintech companies in the country were admonishing as well as warning their esteemed customers to desist from such acts or have their accounts and money blocked. Take a look at the remote and immediate cause of the message below.

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Opay, Moniepoint, PalmPay, and Paga—have communicated this development to their customers on Friday.

The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.

In the notification sent to customers today, May 2, 2024, Moniepoint said “In line with CBN regulation we will close the account of anyone engaging or other virtual assets transactions and share their details with relevant authorities.

Paga also sent an email to customers saying that it is licensed by the CBN and needs to comply with all CBN regulations.

“Under the CBN circular with reference FPR/DIR/GEN/CIR/06/10, we wish to remind you that dealing in or facilitating transactions in cryptocurrency and other virtual currencies is not permitted.”

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In a notice issued on Friday, OPay said it would take strict measures against customers who violate its policy, which aligns with the Central Bank of Nigeria’s stance on cryptocurrency trading.

“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.

PalmPay, another major player in an emailed statement said, “We strongly advise against using your PalmPay account for transactions involving cryptocurrencies or any other virtual assets. Please be advised that failure to comply with these regulations may result in the suspension of your account.

“Our team is diligently working to ensure full compliance with all regulatory directives, prioritizing the stability and integrity of our platform,”

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