See What CBN Is Saying About Palmpay, OPAY Accounts

At a time like this where a lot of unverified information is circulating, one must find out what is the truth before passing such information around.

The Central Bank of Nigeria (CBN) has played the role of a good father by coming out to debunk the unfounded rumors that the accounts of some Fintech companies like OPAY and PALMPAY had been suspended.

Speaking on what it described as fake news, the Acting Director, of Corporate Communications of CBN, Isa AbdulMumin, on Friday, March 24, in Abuja, debunked the rumours saying the viral news “is simply fake’’.

The viral news credited to AbdulMumin claimed that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

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 to suspend their accounts because these apps are being used to perpetrate fraud.”’

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

The company says the claim is a false.


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