Topic: FX CRISIS: Opay, palmpay other fin tech barned from registering new customers (Read 262 times)

Indirectly already we have been the target, in a way or the other most of us have been suffering from their very actions, from the P2P matter to the one we are facing now. These Fintech banks is the easiest, fastest and safest means to trade, imagine waiting whole 30 mins to an hour just to confirm a P2P sell order before releasing a person assets, would that person be patient enough.

This whole thing the government is doing is targeted to a final point, they are the government and I see no reason why they have to beat around the bush all this while,  suffering us at first then still hit on their target.

to be in a safer side, it's not advisable to leave your money in those fin tech apps at the moment. This is just an attack that wouldn't last too long before they will eventually know that they are targeting the wrong thing and forget about the crypto sector. For as much as I know, fin tech companies aren't decentralized and so they are always bent to be subject to government regulations in some ways and as long as we would need them while converting our crypto asset to fiat, such policies will definitely have effect on us but the best you can do is to ensure that your funds are safe wherever they aee so if for any reason the whole thing escalates, the worse thing they will most likely want to do is to make freeze your account but if your money isn't in those apps, you know that even if they successfully freez your account you don't have any issue at all since your money isn't affected.

As long as the dollar is still gaining and as long as thier is a high possibility of the dollar going above N1,500 within a short space of time, we can't assume the federal government would back down on thier attack on this crypto sector but let's just be positive that it doesn't get to the point when they will start checking people's phone to know if you have accounts that's used in engaging in crypto transactions that will technically mean that they are moving towards an outright ban of the cryptocurrency ecosystem in Nigeria.

I been think say na only me get the memo o, until I just breeze in now com confirm say truly, this 9ja board dey very updated and concise on the things wey dey happen for this we country.
See the notification na make una confirm am, because na small small government don take control of Fintech o, first them request for NIMC of every customer else na penalty go follow and now, their next target na cryptocurrency and the decentralized system wey Dem don begin to try wan regulate or discourage people from indulging in.

Their next target is You, Me, Us.

We are their next target. And they are coming for us. Their goal is to eventually catch one person and make that person a scapegoat for all to see. And that person is not going to be a fish but a whale. That would send cold down the spines of all Nigerian crypto enthusiast.

They are going to do what the US does. Like the DOJ that has seized Bitcoins. They'll seize the Bitcoin of a Nigerian Bitcoin whale and auction it off. While they throw that person in prison.

Note that the scapegoat will not be from the Northern part of Nigeria. Nah, they don't touch those ones because it is like playing with fire. Rather, they'll find someone from the south-south, south-east, South-west. You already know why.

I have just used Opay now now

U still dey surprise for the wey government dey use the country and it's citizens dey play? U shouldn't be na abi you dey aware of the similar decision made by the formal government? It's just a political way of moving the blame or problem from it's initial place to another place inorder to convince the international or the masses that they are trying.

If it's banning they will ban whatever that crosses their path as long as they have to protect their selfish interest. Unfortunately crypto and Forex happens to be an international battle for the governments so the master mind behind all this things dey very brilliant and versatile with all the crypto and Forex matters wey dey happen internationally so him just captive on the same issues to cover up the cause of inflation which is obviously mismanagement of funds and improper allocation of funds.

Have you seen the new loan scheme that the Federal government has approved for over 200bn naira to be spent for whatsoever the call it. Brother I will tell you that it's another strategy to bankrupt the economy the more then using that as an excuse to say they feed the poor masses.

At the end even if they ban everything in the crypto or Forex space we Nigerian youths will still find a solution to it. It's not the first time nor will it be the last time as the country isn't heading any way forward.

The new fintech banks restrictions are not different from what the commercial banks have being doing for a long time now, the fintech banks are only getting this directive now cause when it was issued to commercial banks Fintech banks were not duly licensed to hold customer's money.

Still, trade your crypto transactions as before not including any related words to your transactions or better still tag it under "utility bill " don't always leave it blank.

Omo this Naija crypto and forex crisis nor be small thing oo government just de close ways way people fit take de do crypto and forex transaction. On top say the matter no sharp e de kindof painful as many Naija people de way dis crypto and forex of a thing na their main source of money. And as dis matter de sup so e go come make am de difficult for them to de make money.

I First de hear d recent warning way all the micro finance de give like de palmpay, opay and kuda. But as of today when I take open my opay the thing break my heart to see say government Dem don still warn our mobile banking apps about crypto and forex trade.

It seems the government is hell bent on sabotaging any efforts the youths make to earn a honest living. I just found out about the regulation of fintech banks just this morning. I thought it be good to share the update here.

Nigeria Government lack methods to cope the economy crash, if not why the ban on new customers does the ban affect other accounts they have created if any... what's this competition themselves are competing against fintech. There is no policy they haven't made for fintech, mehn it's exhausting. Is bad for people to trade FX or get involved into trading, and financial market. It laughable.

Just this morning OHX ban Naira p2p, this is what our government wants. They are making things worst everyday, Ministers without common judgment of financial issues.

It's seem so, the way they shutdown new customers from on boarding new customer is injust, if we have a good judiciary system, the Fintech company can actually sue central bank and I'm sure they are going to win this case because from Nairametrics, it was shown that from the number of accounts that were ban, only 10% of the accounts belong to the Fintech, the 90% are all from commercial banks but they didn't instructs the commercial banks to stop bringing new customers, that's not fair.

This is not just fight against FX manipulation, the central banks are just trying to reduce the activities because commercial banks are no longer making it again. They have increased their KYC levels, request for NIN, now tell me what they want again from customers. Nigeria na big problem I swear to grow business I swear.

I think CBN is just been jealous of theses fintech bank due to how fast these fintech bank operate and there low charge rate which has made most people and business men and women to be using them.
The population (customers) is high that's why CBN has banned them from registering new customers.

Glad someone dun tell you say fiats banks can't be decentralized, they'll always need approval from the central bank to operate in a country, if dem been dey decentralized why dem come dey listen to wetin CBN talk. Make we leave them because this na flight between the centralized system because many things fit dey cause this things and Nigeria government go just use one thing cover up use be the reason why dem no dey allow them register new users again. I try register for palmpay and after I download the app dem no allow me sign up meaning say this thing dun take full effect already.


This all boils down to the crack down of dollars and stabilization of the Naira if you ask me. You know say although dollars dun fall but e never still stabilized and the governments dey try all means to make the Naira stabilized na wetin they bring all this policies. This fin tech dem dey easy to open and alot of large transactions are going on with them them thereby foreign exchange still dey happen without the government been aware so this crackdown na to block all loophole wey business men/women dey use. Alot of business men (importers) dey use all this fintech companies use run usdt transaction instead of normal dollars since e dey easy to buy and sell dollars them through P2P exchange with them so all this one na just the government being controlling and make we dey see how e go end.

Well this news initially created panic among users and hodlers of such Fintech accounts. They misinterpreted the ban of new users to be outright ban of them, meaning say their money don waka but now that the news is coming in properly, I think d fear go reduce.


Dem no be decentralized na, dem be micro banks wey get lower limit transactions unlike the banks. So I wonder how dem go be points for illegal transactions, I mean like how much go enter in or out of am. A pointer say government just dey struggle with hodling dollar exchange rate down instead of improving the economy and everything go fall in place. Today now I dey hear say fuel don dey increase again and causing queues for some places, na how that increase for fuel go take help the economy

they should leave the BDC operators and arrest the likes of adeyemi deji who has been seriously advocating that Nigerians should convert all their fiat to dollar

the issue is that we don't even want to accept the fact that we are at a very critical stage as a nation where almost everything isn't working at all and we're still being hypocritical about setting out real policies that will help remedy the whole situation. Even if after arresting all the BDC operators and then they are able to ban crypto and forex entirely, the only thing they've successfully done is to set the country on a time bomb that will explode in no time. Is it not foolishness that the viability of our economy is totally dependent on the effect of our foreign exchange even when we have all it takes to meeting at least 70% of our national needs locally? Is it not bad enough that outside of oil, no real attention is payed to other sectors that have proven to be a good source of revenue generation for us In the past? Our educational sector is dying and our young student have lost interest in the schooling system because we Don't want to diversify into other sectors outside of oil that will help in creating more jobs for graduate and you don't think that's enough problem to solve and you think by just fucking around with mere clout that doesn't solve real economic problem you can make the country better? It's a shame.

The 200M was even a result of a old census and I doubt they were able to complete the head counts even then .

At this age and era, with our population  we majorly rely on a sole export which Is crude oil  that's  not even as worse as not  even having a refinery  to refined this crude oil instead we re-import it at higher price that's so embarrassing .
Nigeria  is blessed with alot of land mass and natural resources to the extent that some are undetected  due to fact that we show concern to do research and reach such areas.
Thus, with the whole resources  we import almost everything  which us so bad, even the one we produce ourselves are even expensive than the imports ..... Government  could make a difference  even if we are to be the best producers of agriculture  materials  (either raw or processed) we have the land mass, is it the tourist centers  that we can't make solid and much more attractive  to bring more tourists  to our country??
We have the natural resources beign misused and stolen from us by foreigners just because  some groups are benefiting out of it .
Government  kept on neglecting the fact that the more they make the economy worsen the more they are  increase crime rate .. they left the undone and going after what will surely affect the majority and now its crypto turn .
At the end they will be back to the loop  of taking  things again from the beginning, making things much more worst to revive.

EFCC has started arresting BBC operators again. They even arrested speculators few weeks ago. This time, not also only BDC operators that were arrested, they also arrested some traders.

https://punchng.com/bdc-operators-arrested-as-naira-weakens-to-1419/

I saw a truth in this:

https://punchng.com/floods-currency-devaluation-set-to-propel-nigerias-inflation-in-2025/

Let me quote it for you:


We have always be discussing this to be the issue but which the government neglected.

@promise444c5 and @ Hewlet. Can you see that you are correct. The root cause is not tackled. A country with a population of over 200 million that prefer to reply more on imported products.

When will Nigeria learn to fix the root cause of the problem rather than chasing after mere clout? No one can deny the reality that since these fin tech companies has gained the public acceptance, it has gone a long way to making things easier for people covering up for all the incompetence of our commercial banks that have still refused to improve on thier poor customers service and bad network that makes banking with them a big disaster for most customers.

Should they now deny intending users access to a mobile banking service because old users supposedly used this service in a wrong way? What happens to fetching out those that have used these platform to carry out illegal foreign exchange transactions? To the best of my knowledge our politician are the primary source that are known to miander illegal money outside of the shores of these country through our banking system that they are very much a part of and no bank has been sanction for allowing politicians carry out transactions with them.

A see a huge conspiracy here from both the angle of the commercial banks in collaboration with central to frustrate these fin tech companies or should we now conclude that we don't like good thing at all?

I knew there must be a day to come when Central Bank would like to attack all these fintech banks due to their poor services and operation they want to use this medium to start reck down these people since they are pulling much crowd and population to their usuage unlike the other commercial banks.

You know the so called commercial banks fails to understand that there must be a competition between them and the fintech bank, which it requires upgrading their services.

Temporary fix or manipulation? There was inflation and the CBN increased naira value. They turned the definition of inflation upsidedown. I made a topic today to let us know that local products supposed to have been cheaper than what they are. You can see it here:

What has the FCCPC achieved?

CBN wrong moves made all these happened with side effects.

You are correct.