Nigerian fintech platforms like Moniepoint, PalmPay, and Paga are taking stricter actions against cryptocurrency transactions following directives from the Central Bank of Nigeria (CBN). Users of these platforms now risk having their accounts blocked if they partake in crypto-related activities.

Moniepoint recently informed its customers that accounts engaged in crypto transactions would be shut down, with user information shared with relevant authorities, aligning with CBN guidelines. Similarly, PalmPay and Paga have also warned users about the consequences of involving themselves in cryptocurrency transactions.

The CBN, which seemed to soften its stance on cryptocurrencies in December 2023, has issued directives to banks and financial institutions regarding monitoring individuals or entities conducting business with crypto exchanges. Customers engaging in such activities may have their accounts placed under a Post No Debit (PND) instruction, restricting certain transactions for six months.

The recent actions by Nigerian fintech firms show a stricter enforcement of regulations surrounding digital currencies. Users participating in crypto-related activities could face their accounts being closed or other limitations. The evolving regulatory environment poses uncertainty regarding how these developments will impact the Nigerian cryptocurrency market in the future.