Nigerian Youths Drag FCMB, Kuda Bank Into Extinction For Blocking Accounts

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

 

 

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

 

ALSO: Youths Shun FCMB After Bank Mandated Staff To Treat Young People As Fraud Suspects

 

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.

 

Newsonline had earlier reported that 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 NEWSONLINE 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.

 

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, Newsonline reports that 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.

 

Despite Nigerians’ growing interest in the cryptocurrency space, the CBN had in February ordered all financial institutions to close all accounts used in trading cryptocurrencies and other related transactions, citing security concerns.

 

What Nigerian Youths Are Saying On Various Social Media Platforms: