CBN Clears The Air On the Rumours of Suspending OPAY and PALMPAY Accounts

CBN Clears The Air On Suspending OPAY and PALMPAY Accounts image

Many people have been sprading news/rumours, saying that CBN will shut down OPAY, PALMPAY and some other simmilar companies. This news rises due to the high level of failed transactions. However, The Central Bank of Nigeria (CBN) has debunked claims that it has suspended accounts of some Fintech companies like OPAY and PALMPAY.

The CBN has reported the news/rumours as compelete fake.

The Acting Director of Corporate Communications of CBN, Isa AbdulMumin, made a speech in Abuja on Friday, March 24, 2023, where he described the viral news as absolute fake news.

The false claim states that CBN is about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

Saying:
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 used to perpetrate fraud.

Against this, OPAY and PALMPAY had also posted on social media messages dening being under any suspension or pending suspension from 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 stating that. We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY. And their also cleared the air that it is all false.

This is to inform the general public that CBN is not shutting down OPAY, PALMPAY or any other fintech companies now.

Stay tuned for more news and updates.