Background
The CBN restricted crypto-related banking in February 2021 and reversed that policy in December 2023. Monica operated as a registered fintech entity throughout, with full KYC and compliance posture aligned to the prevailing framework at each point.
Current posture
Following the December 2023 reversal, Monica operates within the CBN framework permitting bank-fintech relationships supporting crypto activity. AML/KYC obligations remain in force.
Banking relationships
Monica maintains compliant banking relationships supporting NIBSS instant transfer to all Nigerian banks.
FAQ
Is Monica CBN-licensed?
Monica is a registered fintech operating within the CBN's policy framework. Direct CBN crypto licensing is governed by SEC under VASP framework, not CBN.
Is the 2021 CBN restriction still in effect?
No reversed December 2023.