CBN Discredits Viral News Suspending OPAY, PALMPAY


He Central Bank of Nigeria (CBN) has described as false the news that it suspended accounts of Fintech companies such as 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 false.”

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

“Please, if you are using OPAY, PALMPAY or any of these CHINA applications or their POS, stop having a lot of money in the account or stop using it.

“CBN is all about suspending your accounts because these apps are being used to commit fraud,” the viral news read in parts.

OPAY and PALMPAY had denied in separate posts on social media that they were under CBN’s radar.

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

PALMPAY also posted a similar disclaimer, saying, “We are aware of the news currently spreading on social media about CBN closing down PALMPAY operations.

ALSO READ: OPay records $2 billion in total gross transaction value in 2020, shares exciting growth plans for 2021

“Please ignore all misleading news of this nature,” he said.

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

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

READ ALSO:   Akwa Ibom, other states in the crosshairs after the revelation of Wike


Read More Related News Here

Let here it in the comment below if you do have an opinion on this; CBN Discredits Viral News Suspending OPAY, PALMPAY

CBN Discredits Viral News Suspending OPAY, PALMPAY

Hi there!
It’s nice to meet you.

Signup today for free and be the first to get notified on new updates