Is CBN suspending OPAY, PALMPAY Accounts and their PoS?

The Central Bank of Nigeria (CBN) has given clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY.

The apex bank refuted the reports, 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’’.

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.’’

Similarly, 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 stating that “We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.