CBN denies rumors of suspending mobile payment platforms - OPAY and PALMPAY

By: Damian Okonkwo

The Central Bank of Nigeria (CBN) has denied the spreading rumors that they are suspending the accounts of popular mobile payment platforms, OPay and PalmPay, following reports that the accounts of the fintech companies had been suspended. The CBN described the reports as fake news and urged Nigerians to disregard them.

In a statement released on Thursday, the CBN stated that it had not taken any action to suspend the accounts of the fintech companies and that the reports were false and misleading. The bank also called on Nigerians to be cautious of spreading false information that could cause panic in the financial sector.

The reports of the suspension of the accounts of OPay and PalmPay had caused panic among users of the platforms, with some expressing fears that their funds might be affected. The denial by the CBN has however brought some relief to the users of the mobile payment platforms.

OPay and PalmPay are two of the leading mobile payment platforms in Nigeria, with millions of users across the country. The platforms have become increasingly popular in recent years, as they offer users a convenient and secure way to carry out financial transactions.

The CBN's denial of the suspension of the accounts of OPay and PalmPay has been welcomed by the fintech companies and their customers, who expressed gratitude to the bank for clarifying the situation. The companies also reiterated their commitment to providing innovative and reliable financial services to their users.

In all, the CBN's denial of the suspension of the accounts of OPay and PalmPay has put to rest the fears of their users and brought relief to the financial sector. It is important for Nigerians to be cautious of spreading false information, and to verify news before sharing it, to avoid causing panic and confusion.