Crypto: Nigerian Youths Drag FCMB, Kuda Bank For Blocking Accounts

Crypto: Nigerian Youths Blast FCMB, Kuda Bank For Blocking Accounts

Nigerian Youths drag FCMB and Kuda Bank into extinction for blocking their accounts with no legal backing.

Brand Spur Nigeria reports that Nigerian Youths on various social media platforms especially microblogging platform, Twitter drag First City Monument Bank (FCMB) and Kuda Microfinance Bank into extinction over young people’s account blocking spree.

This online newspaper understands that the young Nigerians resolve is unconnected to the enforcement of the Central Bank of Nigeria (CBN) circular on cryptocurrency traders in Nigeria.

Nigerian Youths are massively dumping First City Monument Bank (FCMB) and closing up their accounts after a letter from the bank mandating her staff to treat people under age 18-30 as fraud suspects leaked online.

An internal email seen by Brand Spur Nigeria titled “Compliance Advisory on Cryptocurrency Dealing/Transactions” is in furtherance of the Central Bank of Nigeria’s ban on the trading of cryptocurrency in the country.

Crypto: Nigerian Youths Blast FCMB, Kuda Bank For Blocking Accounts

Accounts “with high volume transactions operated by individuals between the age brackets of 18-30 years as signatories,” should be flagged for possible fraudulent activities by staff members, the memo said.

Other account types with similarly discriminatory guidelines include youth savings accounts, business savings accounts, personal business accounts, amongst others. The bank did not define what constitutes a high volume of transactions, but the account types listed captured all of its available packages for Nigerian youths.

The internal email urges staff to monitor the listed accounts for red flags “in order to make the Bank safe and protected from the activities of criminals, organized gangs, money launderers and terrorist financiers.”

This compliance advisory comes after the CBN ordered all Nigerian commercial banks to freeze the accounts of certain individuals for purportedly trading in cryptocurrency.

But the FCMB’s memo marked the latest escalation in the enforcement of the CBN’s directive. Section 42 of the Nigerian Constitution prohibits discrimination against citizens under whatever guise. FCMB did not return calls and e-mails seeking comments about the leaked memo to staff members.

Also, Kuda Microfinance Bank has instituted similar controversial policies against young people.

Meanwhile, the spokesman for the CBN Osita Nwanisobi said banks were not asked to enforce the ban on cryptocurrencies on the basis of age or other forms of discrimination.

“Our press statement on cryptocurrency the position of the CBN on the matter. Thank you,” Mr Nwasinobi said in response to The Gazette’s enquiries about FCMB’s memo.

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What Nigerian Youths Are Saying On Various Social Media Platforms:

@Irunnia_ wrote” Una wey dey use Kuda Bank dey try. Una get heart to dey use bank wey no get physical branch. Can never be me. Who will I hold the day I open their app and the app says “this bank no longer exists?”

@Engr_Series wrote: Due to CBN ban directives on Crypto traders, Kuda bank closed an account of one of their customers ‘cos over 50 transactions were done on the account within 2 days. So what happens to those using their account for POS / Cash points business?

@mr_youdeee: These days once you wake and say your prayers, next thing should be to check your account balance via bank apps and check email and SMS from the banks to be sure it’s still there… These people are out to finish us kpata kpata !!! FCMB Kuda

@thesheddyking: Kuda Bank of yesterday sef dey block account, small yansh dey shake o.

@SamuelOtigba wrote: ‘Any young person between the age of 18-30, esp. those in tech or any digital related service like social media/digital marketing, online product sales, stock trading, online masterclasses/digital courses, don’t bank with FCMB or GTB. If you can, go & close your account rn.

@TiredNigeria: Seems this Buhari Government just wants all out war, because who bans crypto and block accounts FCMB GTB and Kuda also moving mad. Well it’s time for #EndSARS 2 because this govt will kill us if we don’t remove them from power. #LiquoroseLionDance

@Kynsofficial: See, I’m Tweeting from position of pain as a Young Nigerian entrepreneur. This 2021, it was fight against the youth. International fintech got banned e.g Transferwise for absolute no good reason, crypto and Twitter followed. FCMB now works for CBN, they simply don’t fear us &

@TosinOlugbenga: FCMB has put out an alert on accounts held by people between the ages of 18-30, asking staff to be on the lookout for money launderers and other criminal activities Dear FCMB & CBN, so it’s now young people who are money launderers? Not politicians stealing our commonwealth?

@Tintedeyekay: FCMB stereotyping accounts aged 18-30 based on crypto is just another example of how deep this country has fallen It’s a shame really “Talmabout treating them as fraud suspects”. This is indeed a lawless country. They kill us physically and still want to render us useless pennywise