CBN Did Not Suspend Fintech Companies

Breaking: CBN did not suspend Fintech companies. The Central Bank of Nigeria (CBN) has come out to debunk the rumors traveling around as fake, the news making the rounds that it suspended accounts of Fintech companies like OPAY and PALMPAY.

CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, told the News Agency of Nigeria (NAN) in Abuja on Friday that the viral news “is simply fake’’.

The viral news also credited to Mr. AbdulMumin stated that the CBN was about to suspend accounts of the Fintech companies. Because they were being used to perpetrate fraud.

“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 perpetrate fraud,’’ the viral news read in parts.



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CBN Did Not Suspend Fintech Companies

OPAY and PALMPAY had, however, 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, saying: “we are aware of news currently 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 also have licenses 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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