Since the ban on cryptocurrency transactions by the Central Bank of Nigeria (CBN) and the strict regulation sent to the banking and monetary sector in February 2021, various financial firms like Kurepay has restricted their operations in Nigeria.
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Tech firms interested in cryptocurrencies were able to utilise e-banking and monetary services within the Blockchain and crypto ecosystem so long they followed the policies of Anti Money Laundering (AML) and Know Your Customer(KYC) which were laid down by the financial institutions.
Since the ban, however, companies and individuals affiliated with cryptocurrencies and other digital assets have been renounced from using banking and financial services.
Due to the situation, crypto traders and investors turned to peer-to-peer services, Kurepay’s action is an effect of the recent crush of peer-to-peer trading activities in the country.
Kurepay is a Nigerian based cryptocurrency and fiat social payment application, the company shortly issued a statement announcing that it will restrict its operations in Nigeria and Africa to over-the-counter (OTC) and crypto consultancy services.
Kurepay is a three-part payment system that makes use of an e-wallet, a payment gateway, and a withdrawal card called the Kure card, all of which are constructed to utilize blockchain technology to deliver e-commerce and payment solutions.
The founder of the company has revealed plans to begin a US-based company that would be concentrated on the African crypto market, which is quite similar to several other dissatisfied companies that have relocated to a more conducive environment for their type of business outside Nigeria.
Nigeria seems to be following in the footsteps of its counterpart China, which also intensified the crackdown on crypto after it has established the pilot phase of its Central Bank Digital Currency (CBDC).
However, the CBN has introduced its digital currency, the e-naira and claims that it is more profitable than cryptocurrencies.
