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  • Updated: November 11, 2021

FCMB, Kuda Bank Top Twitter Trend In Nigeria, See Why

FCMB, Kuda Bank Top Twitter Trend In Nigeria, See Why

WhatsApp, Facebook and Instagram Is Down

FCMB, Kuda Bank, and others top twitter trends in Nigeria following a memo to arrest and freeze accounts of their Nigerian youths trading crypto.

How FCMB/Kuda Bank Trend Started

AllNews Nigeria reports that a First City Monument Bank (FCMB) memo which recently got leaked stated that "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"

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.

The internal email urges staff to monitor the listed accounts for red flags “in order to make the Bank safe and protected from the activities of criminals, organized gangs, money launderers, and terrorist financiers.”

Findings reveal that the FCMB compliance advisory comes after the Central Bank of Nigeria (CBN) ordered all Nigerian commercial banks to freeze the accounts of certain individuals for purportedly trading in cryptocurrency.

A popular online news media earlier reported that two individuals identified as Nnamdi Francis Okereke and Nwaorgu Kingsley Chibuzor and a company, TVS Hallmark Service Limited, had been named in a Post-No-Debit directive issued by the banking industry regulator.

But the FCMB’s memo marked the latest escalation in the enforcement of the CBN’s directive. Section 42 of the Nigerian Constitution prohibits discrimination against citizens under whatever guise.

FCMB did not return calls and e-mails seeking comments about the memo.

In the same vein, unconfirmed reports circulating the social media space states that Kuda bank is also laising with EFCC to arrest accounts suspected to be fraud accounts.

A case was shared on Twitter on how Kuda bank handed over a man to EFCC after a sum of 800,000 was found in his account.

The Twitter user said he got his account locked and sent their customer care a message on Instagram to take care of the problem. They mandated him to appear physically in Lagos to submit the needed documents, saying email submissions wouldn't suffice.

On getting to Lagos, he was handed over to EFCC for interrogations on how he makes money.

What Nigerian Youths Are Saying On Various Social Media Platforms:

Trust Nigerian youths to be swift in action as they took to social media to vent their displeasure about the sudden banking rules guiding FCMB.

@Irunnia_ wrote” Una wey dey use Kuda Bank dey try. Una get heart to dey use bank wey no get physical branch. Can never be me. Who will I hold the day I open their app and the app says “this bank no longer exists?”

@Engr_Series wrote: Due to CBN ban directives on Crypto traders, Kuda bank closed an account of one of their customers ‘cos over 50 transactions were done on the account within 2 days. So what happens to those using their account for POS / Cash points business?

@mr_youdeee: These days once you wake and say your prayers, next thing should be to check your account balance via bank apps and check email and SMS from the banks to be sure it’s still there… These people are out to finish us kpata kpata !!! FCMB Kuda

@thesheddyking: Kuda Bank of yesterday sef dey block account, small yansh dey shake o.

@SamuelOtigba wrote: ‘Any young person between the age of 18-30, esp. those in tech or any digital related service like social media/digital marketing, online product sales, stock trading, online masterclasses/digital courses, don’t bank with FCMB or GTB. If you can, go & close your account rn.

@TiredNigeria: Seems this Buhari Government just wants all out war, because who bans crypto and block accounts FCMB GTB and Kuda also moving mad. Well it’s time for #EndSARS 2 because this govt will kill us if we don’t remove them from power. #LiquoroseLionDance

@Kynsofficial: See, I’m Tweeting from position of pain as a Young Nigerian entrepreneur. This 2021, it was fight against the youth. International fintech got banned e.g Transferwise for absolute no good reason, crypto and Twitter followed. FCMB now works for CBN, they simply don’t fear us &

@TosinOlugbenga: FCMB has put out an alert on accounts held by people between the ages of 18-30, asking staff to be on the lookout for money launderers and other criminal activities Dear FCMB & CBN, so it’s now young people who are money launderers? Not politicians stealing our commonwealth?

@Tintedeyekay: FCMB stereotyping accounts aged 18-30 based on crypto is just another example of how deep this country has fallen It’s a shame really “Talmabout treating them as fraud suspects”. This is indeed a lawless country. They kill us physically and still want to render us useless pennywise

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Zaccheus Ukhueleigbe
Zaccheus Ukhueleigbe

is a media and communications professional | digital media strategist. A proud Nigerian and an advo...

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