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FinTechs: CBN clarifies alleged suspension of OPay, PalmPay accounts untrue

*Dr. AbdulMumin Isa, Acting Director of Corporate Communications, Central Bank of Nigeria, says the banking regulator has not suspended accounts of FinTech companies, such as OPay and PalmPay in the country’s financial ecosystem

*The FinTech firms urge consumers to ‘ignore all such misleading news’

Isola Moses | ConsumerConnect

The CBN has described as fake, the news making the rounds that it suspended accounts of FinTech companies, such as OPay and PalmPay.

Dr. AbdulMumin Isa, Acting Director of Corporate Communications at CBN,  told the News Agency of Nigeria Friday, March 24, 2023, in Abuja, that the viral news “is simply fake.’’

ConsumerConnect reports OPay and PalmPay are licensed under the CBN mobile payment regulatory framework.

The FinTechs provide mobile money services, including mobile payment services to both the banked and unbanked consumers towards driving financial inclusion in the Nigerian digital payments ecosystem.

It was learnt the news  item that went viral on the digital space and credited to Dr. Isa, had stated the CBN was about to suspend accounts of the Financial Technology (FinTech) companies because they were being used to perpetrate fraud in the Nigerian economy.

The news item reportedly had said: “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.”

However, the two FinTech companies, in separate messages issued in the social media, had pointedly denied being under the surveillance of the Bankers’ Bank in Nigeria.

OPay had stated: “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.

“Please ignore all such misleading news of this nature.”

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