CBN clears air on suspension of Fintech brands
By Felicia Nwosu
The Central Bank of Nigeria (CBN) has distanced itself from the purportedly viral reports which claimed that the apex bank has suspended the accounts of some fintech companies like OPayY, Palmpay and others, describing it as misleading information.
The clarification was made by the Acting Director of Corporate Communications of CBN, Mr. Isa AbdulMumin in Abuja.
“The viral news of suspending some fintech companies in Nigeria is simply fake and should be disregarded.”
The viral news credited to AbdulMumin claimed that CBN was about to suspend accounts of many Fintech companies because they were used to perpetrate fraud. Also, the affected financial platforms have also discredited the misleading information by taking to their social media pages to deny being suspended by CBN. OPay stated “The post mentioning the CBN shutting down our operations is false and misleading to the general public.”
Equally, Palmpay has responded to the viral post, calling it ‘misleading. “We are aware of news currently being spread on social media about CBN shutting down our operations, please ignore all misleading news of this nature”, it says.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government. Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions Act (BOFIA), 2020, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.
RECOMMENDED ARTICLES
Comment
No comments found.