CBN Clears Alleged Suspension of OPAY, PALMPAY Account

By Simeon OSAJIE

The Central Bank of Nigeria (CBN) has made explanation on reports that it has suspended accounts of some Fintech companies like Opay and PalmPay.

The CBN refuted the reports, describing it as fake news.

was made known by the Acting Director, of Corporate Communications of CBN, Mr. Isa AbdulMumin, on Friday, March 24, 2023, in Abuja, where he said that the news “is simply fake’’

According to the news credited to AbdulMumin claimed that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

The news partly read, “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 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.”