Opay Sends Messages to Customers, Warns About Three Types of Transactions Banned on Its Platform

• The digital payment platform Opay has warned its customers about cryptocurrency trading on its platform
• The company stated in a notice to its in-app messages that it would permanently block accounts violating the directive
• It also said customers are prohibited from engaging in foreign currency and money laundering activities on the platform

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

One of Nigeria’s digital payment and fintech firms, Opay, has warned customers against trading cryptocurrency or conducting virtual currency transactions on its platform.

The company stated in a notice to customers on Friday, May 3, 2024, that it would permanently block any account engaging in such trading and send the account details to the authorities.

Opay stops customers from FX trading

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The payment company also prohibited customers from engaging in foreign currency and money laundering activities on the platform.

Reports say this development is due to the Central Bank of Nigeria (CBN) intensifying its regulatory oversight of fintech firms in the country.

Legit.ng reported that the apex bank had directed Opay, Moniepoint, Palmpay, and Kuda Bank to stop opening new customer accounts.

Opay said:

“In compliance with the CBN directive, OPay prohibits cryptocurrency and virtual currency trading. Any account engaged in such activities will be closed, and customer information will be shared with regulatory authorities.

“Please ensure that your account does not involve any cryptocurrency or other virtual currency transaction.”

FG designates crypto trading as a national security issues

The warning by the fintech firm comes as Nigeria’s National Security Adviser (NSA) reportedly classified crypto trading as a national security challenge.

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Moniepoint, Paga, others sends message to customers as CBN gives order to block accounts

Analysts say the new classification could mean a new regulation may be coming, which could ban peer-to-peer crypto trading.

Reports say the NSA’s classification restricted the four financial technology firms from onboarding new customers.

OPay sends messages to customers on funds in their accounts

Legit.ng earlier reported that Opay, a leading financial services provider in Nigeria, has reassured its customers regarding the security of their funds.

In a statement on its X account on Tuesday, April 30, 2024, the bank said it’s committed to fighting illegal financial activities in the country.

Nigerians on social media have expressed mixed feelings about the directives by the CBN mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions.

Source: Legit.ng