Recently, there was a viral news report that the Central Bank of Nigeria (CBN) had suspended the accounts of two payment service providers, OPay and PalmPay. The report claimed that the CBN had taken the action due to alleged fraudulent activities by the companies.
However, the CBN has since denied the reports, stating that they are inaccurate and misleading. The CBN clarified that it did not issue any directive to suspend the operations of OPay and PalmPay, and that the companies’ accounts were not suspended.
The viral news read in parts:
“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 CBN further stated that it is committed to promoting a stable and sound financial system in Nigeria, and that it will continue to collaborate with payment service providers to ensure that they operate within the regulatory framework.
