cryptocurrency involvement: CBN Ban Monipoint Opay Odas to Register New Accounts

[Agbe]

CBN bans Moniepoint, Opay, Kuda, others from taking new customers over cryptocurrency involvement
Central Bank of Nigeria has stopped the Social Media or Online Banking system or apps to register new member to the banking system. According to them, those Banks are use to manipulate the Naira through the cryptocurrency market. Why Nigerian government is doing all this to suffer the innocent people? Nobody is manipulating the naira but the government himself. Only one policy can settle everything and they don't want to do it but busy playing blame game with the cryptocurrency participants because they are benefiting from the rising of dollar.

[Charles-Tim]

According to a new title that I saw recently, it was more specific that it was linked to crypto. But we first read about some report linked it to foreign exchanges.

Be it any among, they will continue to look for temporary solution which will not later solve anything. Nigeria depend more on exporting crude oil and not diversifying. We are more of a nation that depends more on foreign products and the government are not helping to reduce this but looking for who to suffer and make culprit of their lies.

[Cantsay]

Will this have any effect? For me, I also use commercial banks for my crypto transactions, them stopping the registration of new accounts for those that might want to use it - will it stop them from doing their crypto transactions? And those with an account already will this stop them from their trades?

Instead on focusing more on things that will yield better results they have decided to waste their time on trivial stuff that have little to no effect. Nah everyday new drama Dey come out for this country.

Their next target will be apps that issues virtual dollar cards just watch and see.

[Agbe]

Be it any among, they will continue to look for temporary solution which will not later solve anything. Nigeria depend more on exporting crude oil and not diversifying. We are more of a nation that depends more on foreign products and the government are not helping to reduce this but looking for who to suffer and make culprit of their lies.

You don talk well, really there will be no solution in this dollar and naira war until this government go over and new government go set up and if dat government e dey good then before things go good small again. All this things wey Tinubu dey do na nonsense. If him want make dollar go down e no hard am but he no want do am because him himself na dollar him dey keep him money so di thing dey benefits as well and also as you tok am, we dey depend only on imported things because we no get industries to produce anything and even the local products are e no dey plenty reach to sustain the citizens. Garri wey we dey produce here nai come cost like tomorrow no dey. Tinubu came to destroy things and not to solve one build di country.

[Rruchi man]

It is sketchy, because I know that all these fintechs have really reduced the profits from the normal banks that have always been existing, so this feels like a targeted attack at them to reduce the dominance they are having over the market.

We all know that it is not impossible.

[Charles-Tim]

Will this have any effect? For me, I also use commercial banks for my crypto transactions, them stopping the registration of new accounts for those that might want to use it - will it stop them from doing their crypto transactions? And those with an account already will this stop them from their trades?

I also use my commercial banks for Crypto P2P sometimes. Even you can see some people using commercial banks as they pay and receive from commercial banks. Although, Moniepoint, Opay, Plampay and Kuda are mostly used. How will they know they are crypto transactions when they are not labeled as crypto transactions.

Their next target will be apps that issues virtual dollar cards just watch and see.

The government do not just want freedom.

Some commercial banks are even now processing international transfer. I was surprised that my bank card that was disabled by CBN to process YouTube premium was able to process it last month.

[Cryptsafe]

I long forsaw this coming. The government knows that Nigerians are beginning to shun commercial banks against the microfinance banks and these banks are being patronised majorly by Crypto enthusiasts making them feel that they are the one manipulating the naira price which in the real sense, the politicians and government officials are the ones causing the naira to fall.
I'm have long decided not to bother myself with anything about Nigeria wars with Crypto ever since the news of the binance escapees saga. I just did not bother any more following up with the case because monkey hands dey inside the pot of soup. How would you explain this that such situations happened to the point of him flying out of the country without anybody noticing it.

Back to the main discussion,  banning these micro finance banks would solve no problem but rather ignite more fire. The economic growth and development of a nation determine the value of the currency of that nation. Nigeria I know is only at the consuming side and barely produce in commercial quantity for exportation but only crude oil and this crude revenue is not properly accounted for. As a matter of fact, that is the conduit at which they do their dirty deeds from. So banning of banks from accepting new registration is just a waste of time.

[Fivestar4everMVP]

CBN bans Moniepoint, Opay, Kuda, others from taking new customers over cryptocurrency involvement
Central Bank of Nigeria has stopped the Social Media or Online Banking system or apps to register new member to the banking system. According to them, those Banks are use to manipulate the Naira through the cryptocurrency market. Why Nigerian government is doing all this to suffer the innocent people? Nobody is manipulating the naira but the government himself. Only one policy can settle everything and they don't want to do it but busy playing blame game with the cryptocurrency participants because they are benefiting from the rising of dollar.

This news went viral yesterday, and it's clearly very unfortunate that even in times when things are very hard in Nigeria, that the government should be all hands on deck seeking out possible solutions that will once and for all, settle the unrest in the country, they are busy chasing clout, how can they possibly think that the dollar rising against the naira is as a result of people manipulating the naira through online banking systems? Oh, right now, it's no longer Binance, it's now opay, moniepoint and the others? This government is really tiring.
And that new cbn governor, e be me like say that man never really know him left from right, make them dey busy dey chase clout while the dollar keep rising, soon, e go enter #2000 again, and then #3000.
I tire for Nigeria government I swear 🤬

[Agbe]

It is sketchy, because I know that all these fintechs have really reduced the profits from the normal banks that have always been existing, so this feels like a targeted attack at them to reduce the dominance they are having over the market.

We all know that it is not impossible.

Deposit Insurance
They are also trying to regulate the maximum amount to be deposited in to banks and they set the maximum of NGN500,000 to NGN1,000,000 and I was thinking of how that is possible. Those Economics Scholars should explain this image.

And if this what I am thinking then I don't think it is possible of setting maximum limit for deposit even if it is for insurance corporation.

[Cantsay]

Deposit Insurance
They are also trying to regulate the maximum amount to be deposited in to banks and they set the maximum of NGN500,000 to NGN1,000,000 and I was thinking of how that is possible. Those Economics Scholars should explain this image.

I don’t think that’s what they mean by deposit insurance - basically what that means is that if any thing happen to the bank and then they lost all their money, the money wey customers go fit collect nah 1M so if you get like 2 billion Naira for your account and some incident happen wey lead to the crashing of your bank and them losing all their funds out of those 2 billion wey Dey your account nah only 1M the bank go give you inside.

[Charles-Tim]

I don’t think that’s what they mean by deposit insurance - basically what that means is that if any thing happen to the bank and then they lost all their money, the money wey customers go fit collect nah 1M so if you get like 2 billion Naira for your account and some incident happen wey lead to the crashing of your bank and them losing all their funds out of those 2 billion wey Dey your account nah only 1M the bank go give you inside.

If the deposit insurance for people that have 1 billion naira is 1 million naira, that means the deposit insurance for those that have 1 million naira will be more lower and can not be more than 1000 naira if we remove the three zeros as in the division. Maybe I am wrong I am not wrong I do not know, but I just know that I can not keep more than the amount I want to spend for the month on naira account. Cryptocurrencies are better. The government will also manipulate the money in a way that 2 million naira will not be more than 200 thousand naira in just 5 years if you hold the money in naira.

[Rruchi man]

If the deposit insurance for people that have 1 billion naira is 1 million naira, that means the deposit insurance for those that have 1 million naira will be more lower and can not be more than 1000 naira if we remove the three zeros as in the division. Maybe I am wrong I am not wrong I do not know, but I just know that I can not keep more than the amount I want to spend for the month on naira account. Cryptocurrencies are better.

It sounds more like the banks are at a disadvantage because they have to pay more than before to their customers who have deposits in the bank, since the deposit insurance has increased. The government may be trying to increase the confidence people have in depositing their money into banks, but I still do not think it's advisable, as you should only keep the amount of money you are okay with losing to banks in banks, and keep more of your investments in bitcoins or other assets.

[Cantsay]

If the deposit insurance for people that have 1 billion naira is 1 million naira, that means the deposit insurance for those that have 1 million naira will be more lower and can not be more than 1000 naira if we remove the three zeros as in the division. Maybe I am wrong I am not wrong I do not know, but I just know that I can not keep more than the amount I want to spend for the month on naira account. Cryptocurrencies are better. The government will also manipulate the money in a way that 2 million naira will not be more than 200 thousand naira in just 5 years if you hold the money in naira.

I don’t know much about this but from what I have read so far -“ regardless of the amount that an account holds each depositor is insured 1million”. So if you have 1m in your account and anything happens you’ll get it back since that’s what was insured, if 200k was in your account you’ll get it back without any loss since it falls under the insured range - but if it more than a million that’s when customers will start experiencing losses because they only have 1 million insured.

It’s just as @Rruchi man said, this recent increase of deposits insurance is just a means to try to increase people’s trust in banks nothing more.

[OSAMABBK]

CBN bans Moniepoint, Opay, Kuda, others from taking new customers over cryptocurrency involvement [nofollow]
Central Bank of Nigeria has stopped the Social Media or Online Banking system or apps to register new member to the banking system. According to them, those Banks are use to manipulate the Naira through the cryptocurrency market. Why Nigerian government is doing all this to suffer the innocent people? Nobody is manipulating the naira but the government himself. Only one policy can settle everything and they don't want to do it but busy playing blame game with the cryptocurrency participants because they are benefiting from the rising of dollar.

My view is that other commercial banks are behind all these band of wallet, due to that wallet banking are over thrown them, many do dumped them and go for online banking because they are fast and reliable, network always intact, with your smartphone you don't need to be on queue just be in your comfort zone and transactions will be moving smoothly,

[OSAMABBK]

I long forsaw this coming. The government knows that Nigerians are beginning to shun commercial banks against the microfinance banks and these banks are being patronised majorly by Crypto enthusiasts making them feel that they are the one manipulating the naira price which in the real sense, the politicians and government officials are the ones causing the naira to fall.
I'm have long decided not to bother myself with anything about Nigeria wars with Crypto ever since the news of the binance escapees saga. I just did not bother any more following up with the case because monkey hands dey inside the pot of soup. How would you explain this that such situations happened to the point of him flying out of the country without anybody noticing it.

Back to the main discussion,  banning these micro finance banks would solve no problem but rather ignite more fire. The economic growth and development of a nation determine the value of the currency of that nation. Nigeria I know is only at the consuming side and barely produce in commercial quantity for exportation but only crude oil and this crude revenue is not properly accounted for. As a matter of fact, that is the conduit at which they do their dirty deeds from. So banning of banks from accepting new registration is just a waste of time.

I totally subscribed to your submissions commercial banks for seen that many do patronize online banking to them, and they come up with the plan and collide with CBN just to bring wallet down if not politicians are the one looting using black market bureau the change for the exchange