Nigerian fintech company, OPay, has informed its customers that it will no longer allow cryptocurrency trading or other forms of virtual currency transactions on its app.
The management of OPay issued a public notice on Friday, May 3, stating that accounts found violating this policy will be closed and reported to regulatory authorities.
This decision by OPay is in response to a recent directive from the Central Bank of Nigeria (CBN), aimed at combating money laundering, fraud, terrorism financing, and other illegal financial activities.
OPay emphasized that it is complying with the CBN’s directive to prohibit cryptocurrency and virtual currency trading.
Furthermore, the CBN instructed OPay, along with other fintech companies like Kuda Bank, Palm Pay, and Monie Point, to suspend the onboarding of new customers due to concerns about illicit foreign exchange transactions.
Despite these measures, OPay assured its existing customers that their funds and data are secure and that the company is committed to collaborating with the CBN to combat fraud.
