5 leading banks in Nigeria have had to pay a total $3.41 million to government agencies during the first half of 2021. This follows the ban by the Central Bank of Nigeria to all financial institutions against faciliting crypto payments in early part of H1 2021.
These banks include:
First City Monument Bank
Findings show that the penalties were as a result of contraventions and infractions of guidelines instituted by the Federal Government through the Banks and Other Financial Institutions Act (BOFIA), relevant CBN circulars, and other regulatory requirements.
BOFIA Act is the law that guides the finacial industry in Nigeria, with the Central Bank of Nigeria mandated to implement its provisions.