CBN Reacts To Rumor Of Suspending OPAY, PALMPAY Accounts

The Central Bank of Nigeria (CBN) has reacted to viral report of suspending accounts of Fintech companies including OPAY and PALMPAY,

In reaction, The apex bank has described such report as misleading information and fake news.

This was made known in a statement credited to the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, in Abuja on Friday while addressing the News Agency of Nigeria (NAN).

Meanwhile, the viral report was credited to AbdulMumin stated that the CBN was about to suspend accounts of the Fintech companies on the basis that 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.

The duo Fintech companies, OPAY and PALMPAY had in a separate message posted on their social media 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 that: “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,’’ 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.

(NAN)