Home Cryptocurrency ‘Trading Cryptocurrency Not Permitted’, Moniepoint Writes Users – Tech | Business

‘Trading Cryptocurrency Not Permitted’, Moniepoint Writes Users – Tech | Business

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‘Trading Cryptocurrency Not Permitted’, Moniepoint Writes Users – Tech | Business


Moniepoint Microfinance Bank has written to its customers, warning them not to trade in cryptocurrency and other Virtual assets.

The information was contained in an email Moniepoint sent to its customers on Monday, a copy of which was sighted by our correspondent.

The message reads; “In line with CBN regulation, please note that using your Moniepoint account to trade cryptocurrency and other virtual assets is not permitted.

According to the Bank, the information becomes pertinent, in observance and adherence to the Central Bank of Nigeria (CBN), regulations.

The Bank noted that, customers who act in contrast to directive of the Apex Bank instructions may risk a foreclosure of their accounts.

It however, assured it numerous customers of the security of their funds and subsequent transactions.

“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.”

“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.”

Similarly, the International Monetary Fund has recommended that global cryptocurrency trading platforms should be registered or licensed in Nigeria and subject to regulatory requirements.

The Body made this recommendation, in the latest staff country report for Nigeria, warning that the rapid growth of foreign exchange (FX) trading platforms in Nigeria poses new challenges to the country’s financial stability.

Moniepoint Microfinance Bank Limited is authorised and regulated by the Central Bank of Nigeria to offer banking services. 

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