Home » CBN Denies Suspending OPay, PalmPay’s Accounts Over ‘Fraud’

CBN Denies Suspending OPay, PalmPay’s Accounts Over ‘Fraud’

by Yvonne ONUAH

The Central Bank of Nigeria (CBN) has denied the viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY.

This was made known by the Acting Director, of Corporate Communications of CBN, Mr. Isa AbdulMumin, on Friday, March 24, 2023, in Abuja, where he said that the viral news “is simply fake’’.

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

The viral report reads: “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.”

In response to the report, OPAY and PALMPAY took to social media to refute the rumors, stating that they operate within the CBN’s mobile payment regulatory framework, and are committed to promoting financial inclusion.

OPAY reaction states: “The post mentioning the CBN shutting down our operations is false and misleading to the general public.’’

PALMPAY reaction reads: “We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.

“Please ignore all such misleading news of this nature,’’

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