CBN Debunk rumour on suspending of OPAY, PALMPAY accounts
The rumors that the Central Bank of Nigeria (CBN) had suspended the accounts of fintech businesses like OPAY and PALMPAY were false, according to the CBN.
The reports were refuted on Friday in Abuja by Mr. Isa AbdulMumin, the acting director of corporate communications at CBN.
According to the widely circulated news article attributed to AbdulMumin, the CBN was preparing to cancel the accounts of Fintech companies because they were being used to commit fraud.
Please stop keeping a lot of money in your account or stop using it if you use OPAY, PALMPAY, or any of these Chinese APPs or their POS. Because these apps are being used to commit fraud, the CBN is considering suspending their accounts, according to the viral story.
In response, OPAY and PALMPAY both denied being monitored by the CBN in separate social media posts.
The tweet citing the CBN closing down our business, according to OPAY, “is untrue and deceptive to the general public.”
Similar disclaimers were also made by PALMPAY, who stated: “We are aware of rumours currently being circulated on social media about CBN shuttering the operations of PALMPAY. Please disregard all misinformation of this sort,” it urged.
Both online platforms are authorized by the CBN’s regulatory framework for mobile payments.
In order to promote financial inclusion, they are to offer mobile money services, such as mobile payment services, to both banked and unbanked individuals.
