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CBN denies suspending accounts of OPAY and PalmPay

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The acting director of corporate communications of the Central Bank of Nigeria (CBN), Mr. Isa AbdulMumin has described as ‘fake new’ the report which suggested that the operating licence of two Fintech firms, OPAY and PALMPAY had been suspended.

Mr. AbdulMumin said this on Friday, March 24, 2023, in Abuja, where he said that the viral news “is simply fake’’.

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 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.’’

In a swift reaction to the news, PALMPAY asked the public to disregard the news.

“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 had stated that,

“the post mentioning the CBN shutting down our operations is false and misleading to the general public.’’

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.

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