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Just In : CBN speaks on suspending of OPAY, PALMPAY accounts

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Just In : CBN speaks on suspending of OPAY, PALMPAY accounts

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The Central Bank of Nigeria (CBN) has described as fake, the news making the rounds that it suspended accounts of Fintech companies like OPAY and PALMPAY.

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Mr Isa AbdulMumin, the Acting Director, of Corporate Communications, CBN, debunked the reports in Abuja on Friday.

The viral news credited to AbdulMumin stated that the CBN was about to suspend accounts of the Fintech companies because 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.

In response, OPAY and PALMPAY had in separate social media messages 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.

Both online platforms 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

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