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Moniepoint, Paga to block accounts of customers engage in crypto trading

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Moniepoint and Paga have issued warnings to their customers, stating that accounts will be blocked if used for cryptocurrency transactions, citing regulations from the Central Bank of Nigeria (CBN). This move follows the CBN's recent directive to halt new customer onboarding by certain banks, including Moniepoint. The decision marks a reversal from the CBN's earlier announcement lifting the crypto ban imposed in 2021.

Moniepoint notified customers on May 2, 2024, stating, "In line with CBN regulation, we will close the account of anyone engaging in virtual asset transactions and share their details with relevant authorities." Paga, likewise, reminded customers via email of its compliance with CBN regulations, referring to a 2017 circular prohibiting dealings in cryptocurrencies.

However, the CBN issued a new circular in December 2023, superseding previous directives and allowing financial institutions to provide services for crypto-related transactions. This recent announcement by Moniepoint and Paga suggests a potential reinstatement of the 2021 crypto ban by the CBN.

The directives from the CBN, including restrictions on new account openings, aim to combat illegal foreign exchange (FX) transactions in Nigeria. However, they may inadvertently drive crypto usage outside of government oversight, exacerbating challenges in regulating digital assets.

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