CBN denies suspending Opay and Palmpay - Fake News

According to Isa AbdulMumin, the Acting Director of Corporate Communications at CBN, the news that has gone viral about the suspension of Fintech companies' accounts is false. The news had attributed the statement to Mr. AbdulMumin, and it claimed that Fintech companies' accounts were being used for fraudulent activities, hence the suspension.

The message warned users of OPAY, PALMPAY, and other Chinese apps or their POS to avoid keeping much money in their accounts or using them altogether. However, OPAY and PALMPAY have both denied the allegations in separate social media messages. OPAY clarified that the post mentioning the CBN shutting down their operations is misleading and false, while PALMPAY posted a similar disclaimer to distance themselves from the allegations.

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, saying: “we are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.