The Central Bank of Nigeria (CBN) has debunked reports that it suspended the accounts of fintech companies OPAY and PALMPAY due to their alleged involvement in fraudulent activities.
According to the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, the news is false and should be disregarded by the public.
A viral message attributed to AbdulMumin claimed that the CBN was planning to suspend the accounts of the Fintech companies.
“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.”
Opay, Palmpay denies the report. In response, the fintech companies took to social media to refute the rumours, stating that they operate within the CBN’s mobile payment regulatory framework and are committed to promoting financial inclusion.
OPAY also clarified that news of the CBN shutting down its operations was false and misleading to the public.
Similarly, PALMPAY urged the public to disregard all misleading news of this nature. It stated, “Please ignore all such misleading news of this nature.”
OPAY and PALMPAY are two of the many licensed fintech companies designed to provide mobile payment services, including mobile money services, to both the banked and unbanked segments of the population.
