CBN Denies Allegedly Suspending OPay, PalmPay Accounts


The Central Bank of Nigeria (CBN) has denied claims that it has suspended the accounts of some fintech businesses such as OPay and PalmPay.

In response to the reports, the apex bank labeled them as fake news.

On Friday, March 24, 2023, in Abuja, the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, dismissed the viral report as “simply fake.”

According to the information attributed to Mr. AbdulMumin, the CBN was preparing to suspend the accounts of Fintech companies because they were being used to commit 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.

“All the fintech money app CBN is about suspending their account because these app are being used to perpetrate fraud.

“Inform your loved ones please to avoid loss that can lead to depression.

“Whether it’s fake or not, take caution. Do not maintain heavy balance on the account because there’s no insurance cover on such accounts unlike the conventional bank account.

“There is no smoke without fire,” one of such “simply fake” statements purportedly from the CBN spokesperson sighted by The News Room read.

In their respective separate reactions, OPay and PalmPay denied being under the CBN’s radar in different social media comments.

“The post mentioning the CBN shutting down our operations is false and misleading to the general public,” OPay said.

PalmPay likewise issued a similar disclaimer, noting: “We are aware of news currently being circulated on social media about CBN shutting down PalmPay’s operations.”

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