CBN denies rumors on suspension of OPAY, PALMPAY

Bisola David
Bisola David
CBN denies rumors on suspension of OPAY, PALMPAY

The rumors that the Central Bank of Nigeria has suspended accounts of Fintech businesses like OPAY and PALMPAY have been labeled as false by the bank.

The viral rumor is “just fake,” CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, told the News Agency of Nigeria in Abuja on Friday.

According to the widely circulated news article attributed to AbdulMumin, the CBN was preparing to cancel the accounts of Fintech companies because they were being used to commit fraud.

“Pls stop keeping a lot of money in the account or stop using it if you use OPAY, PALMPAY, or any of these Chinese APPs or their POS.

The viral story stated in part, “The CBN is considering canceling their accounts since these apps are being used to commit fraud.”

In separate social media posts, OPAY and PALMPAY both denied being monitored by the CBN.

The tweet citing the CBN closing down our business, according to OPAY, “is untrue and deceptive to the general public.”

Similar disclaimers were also made by PALMPAY, who stated: “We are aware of rumors currently being circulated on social media about CBN shuttering the operations of PALMPAY.

“Please disregard all such false information of this kind, it urged.”

Under the CBN’s regulatory framework for mobile payments, OPAY and PALMPAY have licenses.

They must offer mobile money services, such as mobile payment services, to both banked and unbanked, and to drive financial inclusion.

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