The Central Bank of Nigeria (CBN) has recently responded to false news that it suspended the accounts of two fintech companies, OPAY and PALMPAY, due to their alleged involvement in fraudulent activities. According to the Acting Director of Corporate Communications at the CBN, Isa AbdulMumin, the viral message claiming account suspension is entirely false and should be disregarded by the public.
Clarification from CBN
In his statement, AbdulMumin emphasized that the CBN has no plans to suspend the accounts of any licensed fintech company in the country, including OPAY and PALMPAY. He urged the public to disregard any misinformation on this issue and reiterated the CBN’s commitment to promoting financial inclusion through its mobile payment regulatory framework.
Reaction of OPAY and PALMPAY
In response to the viral news, both OPAY and PALMPAY took to social media to refute the rumors and clarify their position on the matter. They stressed that they operate within the CBN’s regulatory framework for mobile payment services and are committed to promoting financial inclusion in Nigeria.
OPAY also debunked rumors that the CBN was shutting down its operations, describing the news as false and misleading. PALMPAY similarly urged the public to disregard any misleading news of this nature.
Mobile Payment Services in Nigeria
OPAY and PALMPAY are among the many licensed fintech companies in Nigeria that provide mobile payment services to the banked and unbanked segments of the population. Mobile payment services are becoming popular in Nigeria due to their convenience and security. They offer an alternative to physical cash and traditional banking services, which makes them accessible to more Nigerians. Mobile payment services’ increased usage is expected to improve financial inclusion in Nigeria, allowing more people to participate in the country’s digital economy.
Flutterwave’s Denial of Allegations of Hacking
In a related development, Flutterwave, another fintech company operating in Nigeria, has denied allegations that hackers stole N2.9bn from its platform and stashed the funds in 27 bank accounts. The company assured its users and the public that their funds are safe and secure on its platform, as its security measures are strong enough to prevent such attacks.
The CBN’s response to the false news of account suspension of OPAY and PALMPAY underscores the importance of verifying information before sharing it on social media or other platforms. A robust regulatory framework is needed for fintech companies operating in Nigeria to promote financial inclusion and secure transactions.