The Central Bank of Nigeria (CBN) has debunked reports that it suspended the accounts of Fintech companies, OPay and Palm Pay due to their alleged involvement in fraudulent activities.
According to the CBN’s Acting Director of Corporate Communications, Mr Isa AbdulMumin, the news is false and should be disregarded by the public.
A viral message attributed to AbdulMumin had claimed that the CBN was planning to suspend the accounts of the Fintech companies.
The viral news read in parts: “Please if you are using OPay, Palm Pay, 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”.
In response, OPay and Palm Pay took to social media to refute the rumors, stating that they operate within the CBN’s mobile payment regulatory framework, and are committed to promoting financial inclusion. OPay also clarified that news of the CBN shutting down its operations was false and misleading to the public.
Similarly, Palm Pay urged the public to disregard all misleading news of this nature. It stated: “Please ignore all such misleading news of this nature.”
OPay and Palm Pay are two of the many licensed fintech companies designed to provide mobile payment services, including mobile money services, to both the banked and unbanked segments of the population.
