CBN Debunks Viral News On Social Media Over OPAY, PALMPAY Suspension - The People's Voice


Friday, March 24, 2023

CBN Debunks Viral News On Social Media Over OPAY, PALMPAY Suspension

By Our Correspondent

The Central Bank of Nigeria (CBN) has described as fake, the news making the rounds that it suspended accounts of Fintech companies like OPAY and PALMPAY.

CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, told the News Agency of Nigeria (NAN) in Abuja on Friday that the viral news “is simply fake’’.

The viral news credited to Mr AbdulMumin stated that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

“Please if you are using OPAY, PALMPAY or any of these CHINA APPs or their POS, stop keeping much money in the account or stop using it.

“The CBN is about suspending their accounts because these apps are being used to perpetrate fraud,’’ the viral news read in parts.

OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN.

OPAY had stated that: “the post mentioning the CBN shutting down our operations is false and misleading to the general public.’’

PALMPAY also posted a similar disclaimer, saying: “we are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.

OPay records $2 billion in total gross transaction value in 2020, shares exciting growth plans for 2021
“Please ignore all such misleading news of this nature,’’ it stated.

OPAY and PALMPAY are licensed under the CBN mobile payment regulatory framework.

They are to provide mobile money services including mobile payment services to both the banked and unbanked and to drive financial inclusion.


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