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CBN Denies Plan To Suspend OPAY, PALMPAY Operations

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The Central Bank of Nigeria (CBN) has made clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY , this is as unconfirmed report says both platform users in Nigeria is nearing 40 million.

The apex bank refuted the reports, describing it as fake news.

This was made known by the Acting Director, of Corporate Communications of CBN, Mr. Isa AbdulMumin, on Friday, March 24, 2023, in Abuja, where he said that 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 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.

Meanwhile, the numbers of Opay and PalmPay users in Nigeria have reached 40 million.

While Opay announced that 30 million Nigerians have already plugged in on to its application, PalmPay, a digital payment company, announced that it has reached 10 million users in Nigeria, about 100 per cent higher than its base in just six months and puts its customer numbers in the same league as major institutions only after the company launched in the market in 2019.

The fintech, which operates under a Mobile Money Operator (MMO) license from the Central Bank of Nigeria (CBN), has gained significant traction with its payment app and nationwide agency banking network.

Its proposition of instant financial account creation, fee-free bank transfers, and cashback rewards on airtime and bill payments have appealed to millennial and Gen-Z consumers, who are looking for more affordable banking options and prefer the convenience of a digital-first service.

PalmPay, in a statement, said it is processing millions of transactions a day with around 20 per cent of the company’s customer base reporting that the PalmPay app was their first financial account.

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