OPay Issues Warning Against Cryptocurrency Trading on Its Platform

Popular fintech company in Nigeria, Opay, has cautioned its customers against engaging in cryptocurrency trading or any virtual currency transactions through its app.

In a notice issued on Friday, the company announced its intention to block accounts involved in such activities and share customer details with regulatory authorities. The warning aligns with directives from the Central Bank of Nigeria (CBN), which has intensified scrutiny on fintech firms nationwide.

Earlier mandates from the CBN instructed OPay, Moniepoint, Palmpay, and Kuda Bank to cease onboarding new customers. The notice from OPay stated: "In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging 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 any other virtual currency transaction."

The move by OPay coincides with reports of Nigeria's National Security Adviser (NSA) classifying cryptocurrency trading as a national security concern. This classification, according to Tosin Eniolorunda, CEO of Moniepoint, hints at forthcoming regulations to ban peer-to-peer cryptocurrency trading.

Furthermore, fintech companies are mandated to report any accounts found trading cryptocurrencies to the NSA through the CBN, underscoring the government's increasing scrutiny of digital asset transactions in the country.