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.

The Editor Nigeria learnt 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.

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.

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 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.