Moniepoint Microfinance Bank has warned its customers sternly, prohibiting them from using their accounts for cryptocurrency trading and other virtual asset transactions.
In an email to its customers on Monday, Moniepoint stated, “In line with CBN regulation, please note that using your Moniepoint account to trade cryptocurrency and other virtual assets is not permitted.”
The email further cautioned that the bank would not hesitate to take drastic measures against those found violating these directives.
“We will close the accounts of anyone engaging in such transactions without recourse. In addition to this, we are required to disclose their details to relevant government authorities,” the email read.
“Complying with these directives ensures that we serve you better and power your dreams.
“Rest assured that your accounts are safe, your funds are secure, and you can continue to carry out permitted transactions.”
Last week, the Central Bank of Nigeria (CBN) ordered major fintech companies, including Kuda, Opay, PalmPay, and Moniepoint, from onboarding new customers.
This move was precipitated by an ongoing audit of the Know-Your-Customer (KYC) processes employed by these fintech firms, which have faced heightened scrutiny in recent months due to concerns over potential money laundering and terrorism financing activities.
The CBN’s action came on the heels of the Economic and Financial Crimes Commission (EFCC) securing a court order to freeze at least 1,146 bank accounts belonging to various individuals and companies allegedly engaged in illegal foreign exchange transactions.
