CBN describes news on suspension of fintech companies’ accounts as fake

THE Central Bank of Nigeria (CBN) has described as fake a news item trending on the social media that it has suspended the accounts of some financial technology (fintech) companies.

Fintech companies alleged to have been affected included O’PAY and PALMPAY.

A report today by the News Agency of Nigeria (NAN) quoted the CBN’s acting Director of Corporate Communications, Isa AbdulMumin,  as saying the news “is simply fake.’’

The fake report, credited to AbdulMumin, stated that the CBN was about to suspend the accounts of some fintech companies because they were being used to perpetrate fraud.

The debunked report read, “Please if you are using O’PAY, PALMPAY or any of these China apps or their point-of-sale operations, 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.”

O’PAY and PALMPAY had in separate social media messages also debunked being under the radar of the CBN.



    O’PAY had stated that “the post mentioning the CBN as 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 the social media about the CBN shutting down the operations of PALMPAY.

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

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    OPAY and PALMPAY are licensed under the CBN mobile payment regulatory framework to provide mobile money services, including mobile payment services, to both the banked and unbanked, and to drive financial inclusion.

    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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