Nigerian Financial Technology Companies Caution Against Cryptocurrency Transactions

Nigerian fintech firms are cautioning their users against conducting cryptocurrency transactions through their accounts, as the country strives to establish legal regulations for cryptocurrencies. Moniepoint, PalmPay, and Paga, which are fintech companies based in Nigeria, have notified their customers that they may face severe consequences, including account suspension, if they engage in crypto transactions. This development occurred following the Central Bank of Nigeria’s decision to halt the acceptance of new customers at certain banks, including Moniepoint.