Global site navigation

Local editions

CBN Reacts After Viral News of Suspending Accounts of OPAY and PALMPAY
Technology

CBN Reacts After Viral News of Suspending Accounts of OPAY and PALMPAY

by  Dave Ibemere 2 min read
  • CBN has responded to viral news claiming that it suspended the accounts of Fintech companies OPAY and PALMPAY.
  • Both OPAY and PALMPAY are one of the many licensed banks under the CBN mobile payment regulatory framework to provide mobile money services
  • The management of the two financial companies has also reacted to the viral news on account suspension

PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!

The Central Bank of Nigeria (CBN) has debunked reports that it suspended the accounts of Fintech companies OPAY and PALMPAY due to their alleged involvement in fraudulent activities.

According to the CBN's Acting Director of Corporate Communications, Isa AbdulMumin, the news is false and should be disregarded by the public.

CBN fintech companies
Godwin Emefiele, the CBN governor Photo credit: @bloomberg
Source: Getty Images

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:

Read also

“Competitors want to run us out of business”: OPay source speaks on alleged suspension by CBN

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

“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 denies report

In response, OPAY and PALMPAY 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, PALMPAY urged the public to disregard all misleading news of this nature.

It stated:

“Please ignore all such misleading news of this nature."

Read also

Certificate confirmation: WAEC discontinues manual verification of WASSCE results from 1999 to date

OPAY and PALMPAY 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.

Flutterwave denies hackers stole customers' N2.9bn

Meanwhile, Legit.ng previously reported Flutterwave has denied allegations that hackers stole N2.9bn from its platform and stashed the funds in 27 bank accounts

The company stated that its security measures are robust enough to prevent such attacks

The fintech company has also assured its users and the public that their funds are safe and secure on its platform

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Tags:
Hot: