Providus Bank has suspended its virtual payment services until further notice.
The bank announced the development in a tweet on Sunday although it did not state the reason for the action.
“We wish to announce that our virtual payment services are currently unavailable. In the meantime, customers are advised to use alternative payment options. Thank you,” the tweet read.
We wish to announce that our virtual payment services are currently unavailable. In the meantime, customers are advised to use alternative payment options. Thank you.
Advertisement— ProvidusBank (@ProvidusBank) February 7, 2021
Several fintech and agric tech platforms that rely on the virtual account services provided by the bank have begun to alert customers about the changes.
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“We are making a few updates to our bank transfer options. That is, for a while, you won’t be able to pay into Cowrywise with bank transfers. However, this doesn’t affect card payments,” CowryWise told customers on Sunday.
“We’ve received communication from our virtual account provider that the existing Providus virtual accounts are currently inactive,” Piggyvest announced.
“Please login to your account to get your new virtual account details. Please be assured once again that all your funds are safe and secure.”
Many users and social media commentators have linked the suspension of virtual payment services to a recent circular released by the Central Bank of Nigeria (CBN) directing banks to close accounts of persons or entities involved in cryptocurrency transactions.
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“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited,” the CBN had said.
In a statement on Sunday to respond to critics, the CBN said there will be no going back on the directive.
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