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Providus Bank shuts down virtual accounts

Providus Bank has announced the closure of its virtual accounts following the directive from the Central Bank of Nigeria.

The CBN had on Friday ordered banks and other financial institutions to close all cryptocurrencies accounts immediately.

Providus Bank announced in a tweet on Sunday that its virtual payment services would be unavailable until further notice.

“We wish to announce that our virtual payment services are currently unavailable. In the meantime, customers are advised to use alternative payment options,” the bank said.

The bank’s virtual payment services are used by several fintech companies.

Following the announcement, PiggyVest, a fintech company in partnership with Providus Bank, urged its customers in a statement to get login and their new virtual account details.

“We received communication from our virtual account provider that the existing Providus virtual accounts are currently inactive. Please login to your account to get your new virtual account details,” it said.

Also, Monnify, an online payment gateway, promised its customers it would communicate new account numbers to replace the Providus issued ones before Wednesday.

The statement said, “We would ask that you don’t panic and rest assured that you would be able to access all your funds, as we are currently working with the bank to reconcile the funds in their position for availability and a graceful exit.

“We believe as soon as tomorrow but no later than Wednesday, we will back with a new partner bank.”

Some Nigerians on Twitter expressed their worry for the effect of the crypto currency trading accounts closure on fintechs.


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