CBN Debunks Viral News Suspending OPAY, PALMPAY


The Central Bank of Nigeria (CBN) has come out to debunk rumours making the rounds that it suspended accounts of Fintech companies like OPAY and PALMPAY.

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

The viral news 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 are being used to perpetrate fraud,’’ the viral news read in parts.

OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN.

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.