Home / BUSINESS / Opay Prohibits Three Types Of Transactions On Its Platform, Warns Customers

Opay Prohibits Three Types Of Transactions On Its Platform, Warns Customers

LAGOS, NIGERIA – Opay, one of Nigeria’s leading digital payment and fintech firms, has issued a stern warning to its customers regarding certain prohibited transactions on its platform.

In a notice distributed to customers on Friday, May 3, 2024, the company explicitly stated its prohibition against trading cryptocurrency or engaging in virtual currency transactions.

It emphasized that any account found involved in such activities would face permanent suspension, with the account details promptly reported to the appropriate authorities.

Opay has also implemented a strict policy against customers conducting foreign currency transactions and engaging in any form of money laundering activities on its platform.

This decision is believed to be a response to the increased regulatory scrutiny from the Central Bank of Nigeria (CBN) over fintech firms operating within the country.

Recent reports indicate that the CBN has instructed Opay, along with other key players such as Moniepoint, Palmpay, and Kuda Bank, to refrain from opening new customer accounts.

Opay’s statement read: “In adherence to the directives from the CBN, OPay unequivocally prohibits cryptocurrency and virtual currency trading. Any account found to be involved in such activities will be subject to immediate closure, with relevant customer information shared with regulatory authorities.

“We urge all customers to ensure that their accounts refrain from any involvement in cryptocurrency or other virtual currency transactions.”

This warning from Opay coincides with reports indicating that Nigeria’s National Security Adviser (NSA) has identified cryptocurrency trading as a significant national security challenge.

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