CBN Reacts To Viral News of Suspending Accounts of OPAY and PALMPAY

The Central Bank Of Nigeri (CBN) has reacted to viral news claiming that it has suspended the accounts of Fintech companies OPAY and PALMPAY.

Both OPAY and PALMPAY are one of the many licensed banks under the CBN mobile payment regulatory framework to provide mobile money services.

The management of the two financial companies has also reacted to the viral news on account suspension

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 a nd should be disregarded by the public.

A viral message attributed to AbdulMumin had claimed that the CBN was planning to suspend the accounts of the Fintech companies.

The viral news read in parts:

“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 report

In response, 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 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.

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