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Access Bank, GTB Begin Closure of Crypto Accounts

Following the recent directive by the Central Bank of Nigeria (CBN) to banks to close all crypto accounts in its system, Access Bank and Guaranty Trust Bank (GTB) have started shutting customer accounts.

Apparently, some customers of Access Bank received an email informing them that their accounts have been closed because they were linked to cryptocurrency trading.

The email which was shared on Twitter reads: “We recently reviewed your account ***2690 and observed that transactions therein have been linked to cryptocurrency trading.

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“Due to the unregulated nature of cryptocurrency trading and the further directive from the CBN, we are unable to serve as your organisation’s financial partner going forward.

“We have therefore proceeded on the closure of your account and a draft will be issued to you for the equivalent sum in your account. You may please visit any of our branches near you to request your draft.

“We are truly sorry for the inconvenience this may cause and look forward to serving you again in the nearest future. Thank you for your understanding and cooperation.”

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For GTB, a WhatsApp chat with a customer revealed that it has also commenced implementation of the CBN directive on cryptocurrency.

In the chat, a customer asked why money does not leave his/her account despite a successful transaction. Responding, GTB said: “Please be informed that your account is restricted due to cryptocurrency activities observed. Kindly liaise with your account officer.”

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Musa Suleiman
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