Nigerian Fintechs Take Stand Against Crypto: Users Feel the Heat

• Nigerian fintechs, including Moniepoint, PalmPay, and Paga, tighten measures against crypto.
• Users face account blocks as Nigerian fintech platforms enforce CBN directives.
• Moniepoint notifies customers of account closure for engaging in crypto transactions.

Several Nigerian fintech platforms, including Moniepoint, PalmPay, and Paga, have intensified their measures against cryptocurrency transactions. These actions align 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.

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.

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