• Latest
  • Trending
The Battle Between Nigerian Fintechs and Crypto Users

The battle between Nigerian fintechs and crypto users

May 5, 2024
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Cryptocurrency

The battle between Nigerian fintechs and crypto users

Modupeoluwa Olalere by Modupeoluwa Olalere
May 5, 2024
149 1
0
The Battle Between Nigerian Fintechs and Crypto Users
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The Nigerian central bank has had a patchy record regarding cryptocurrencies, and this crackdown runs against a 2021 decision to make opening cryptocurrency accounts easier.

Some Nigerian financial companies have warned customers against utilising their accounts for crypto transactions or face severe consequences as the country regulates cryptocurrency.

Read also: OPay, Kuda, Moniepoint, others pause signups amidst CBN probe

Nigerian Fintechs Writes to Crypto Users

Customers who assist crypto transactions with Nigerian fintech firms Moniepoint, PalmPay, and Paga will have their accounts closed. This follows the CBN ordering some new banks, notably Moniepoint, to stop onboarding customers.

RelatedPosts

Ethiopia suspends new crypto mining power deals to protect domestic supply

X to launch in-app investing, crypto and digital wallet

Doroki by Paga offers flexible payment options, real-time inventory and CRM tools for SMEs

In the message sent to clients on May 2, 2024, Moniepoint stated:

“By CBN regulation, we will close the account of anyone trading crypto or other virtual assets and share their details with relevant authorities.”

Palmpay informed clients that following CBN rules, they should not utilize their accounts for crypto transactions to prevent suspension.

Palmpay informed clients

The Central Bank of Nigeria (CBN) has retracted its prior announcement that it would relax its prohibition on cryptocurrencies in 2021. The Central Bank of Nigeria (CBN) issued a circular in December 2023 that authorised financial institutions to register accounts, provide settlement services, and function as middlemen for businesses dealing in crypto assets or cryptocurrency.

The December circular replaces the 2017 and 2021 circulars that banned banks from opening cryptocurrency service provider accounts.

An X user and PalmPay client reported his account was frozen and would only be unfrozen if he signed an agreement banning crypto transactions.

Paga also informed customers that the CBN licences it and that it will follow all regulations:

The CBN circular referencing FPR/DIR/GEN/CIR/06/10 prohibits trading in or assisting transactions in Bitcoin and other virtual currencies.

Paga cites a 2017 circular warning banks and other financial institutions about their relationships with cryptocurrency exchanges and users.

The CBN denied a report that it ordered all banks and financial institutions to identify entities trading with cryptocurrency exchanges and put such accounts on “Post No Debit” for six months.

The circular prevented regulated financial institutions from processing crypto exchange payments.

Read also: Noones Academy Empowers Nigerians with Cryptocurrency Trading Education

The Future of Nigerian Fintech and Crypto Users 

Fintechs and cryptocurrencies need cooperation and regulatory certainty to coexist. The Nigerian government must embrace fintech and crypto assets. Regulatory frameworks should promote innovation, consumer protection, and financial stability.

Lastly, the conflict between cryptocurrency users and Nigerian fintechs represents the global conflict between traditional finance and decentralised alternatives. Collaboration and innovation are essential to Nigeria’s financial ecosystem’s potential as players negotiate regulatory uncertainties and technological upheavals. In this changing world, fintechs and cryptocurrencies can only prosper via communication and adaptability.

Tags: CryptoPagaPalmpay
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.