Quick Guide: Reactivate Your Opay, Palmpay, Kuda and Moniepoint Account After a Crypto Freeze

Nigerian fintech companies like Opay, Palmpay, Kuda, and Moniepoint are taking measures against accounts involved in cryptocurrency trading. The reason behind this action is to comply with the Central Bank of Nigeria’s (CBN) directive. The CBN has instructed these fintech firms to suspend the process of onboarding new customers and warned existing customers against engaging in cryptocurrency transactions.

The CBN’s move is linked to concerns over money laundering and terrorism financing, as well as the integrity of the Know-Your-Customer (KYC) process. There have been instances where the Economic and Financial Crimes Commission (EFCC) obtained a court order to freeze accounts allegedly involved in illegal foreign exchange transactions. These fintech companies have communicated to their customers that any account found engaging in cryptocurrency trading will be closed, and customer information may be shared with regulatory authorities.

This step reflects the regulatory scrutiny facing the fintech industry and the broader financial sector’s prohibition on cryptocurrency transactions. It’s part of an effort to ensure compliance with national financial regulations and to maintain the stability and integrity of the financial system.

How To Reactivate Your Fintech Account After a Crypto Freeze

If your account has been blocked due to a cryptocurrency transaction, here are some steps you can take to try and resolve the issue:

1. Contact Customer Support: Reach out to the customer support of the fintech company (Opay, Palmpay, Kuda, or Moniepoint) through their official channels. They may have a specific process for reviewing and potentially unlocking accounts.
2. Provide Necessary Documentation: Be prepared to provide any requested documentation that can prove the legitimacy of your transactions and that they are not linked to any illegal activities.
3. Follow the Guidelines: Ensure that you understand and communicate your willingness to comply with the Central Bank of Nigeria’s regulations regarding cryptocurrency transactions.
4. Request for Review: Ask for a review of your account’s transactions to clarify the misunderstanding, if any.
5. Legal Advice: If you believe your account was wrongfully blocked, you might consider seeking legal advice to understand your options.

Remember, the fintech companies are required to comply with the CBN’s directives, so they may have limited flexibility in unblocking accounts involved in cryptocurrency transactions. It’s important to communicate clearly and provide any information they require to review your case.