CBN Clears The Air On Suspending OPAY & PALMPAY Accounts

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CBN Clears The Air On Suspending OPAY & PALMPAY Accounts
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CBN Clears The Air On Suspending OPAY & PALMPAY Accounts
CBN Clears The Air On Suspending OPAY & PALMPAY Accounts
Faith Joseph BY FAITH JOSEPH March 25, 2023 Reading Time: 1 min read
CBN Clears The Air On Suspending OPAY & PALMPAY Accounts
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The Central Bank of Nigeria (CBN) has debunked claims going round that it has suspended accounts of some Fintech companies like OPAY and PALMPAY.

The apex bank in reaction to the reports described it as fake news.



The Acting Director, of Corporate Communications of CBN, Isa AbdulMumin, on Friday, March 24, 2023, in Abuja described the viral news as “simply 


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.”


Similarly, OPAY and PALMPAY had 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 stating that “We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.”






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