CBN denies suspending accounts of OPAY, PALMPAY, says its fake news 

Key highlights

  • CBN says it is not suspending accounts of OPAY and PALMPAY describing the report as fake
  • The false report claimed that the Fintech firms were used to perpetrate fraud
  • OPAY and PALMPAY also deny the report on the suspension of their accounts by the CBN

The Central Bank of Nigeria (CBN) has denied reports making rounds that it has suspended accounts of some Fintech companies like OPAY and PALMPAY describing it as fake news.

According to the News Agency of Nigeria (NAN), this 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 viral news “is simply fake’’.

Reports alleged the Fintech firms were used to perpetrate fraud

The viral 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 viral 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, PALMPAY deny the report

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:

  • 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.

OPAY and PALMPAY 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.

What you should know

  • The apex bank has been battling with issues of fake news about its operations in recent times.
  • The CBN had in February 2023 warned Nigerians to be wary of fake news, particularly the fake news making social media rounds, saying that it plans to shut down financial transactions from Thursday 23 February till 27th of February, 2023.
  • The Apex bank issued the plea on its official Twitter handle, with a screenshot of the message that has since gone viral.