CBN lifts suspension on PalmPay


The financial technology platform, PalmPay, has resumed onboarding customers, after the lifting of the ban imposed on it by the Central Bank of Nigeria, CBN.

The Managing Director of PalmPay, Chika Nwosu, confirmed yesterday in Lagos that the onboarding of new customers has resumed on our platform for individual and business users following the review by the CBN.

“We are thrilled to continue our mission to provide more Nigerians with access to secure and reliable financial services.”

CBN had suspended new account openings for four fintech companies, including OPay, Palmpay, Kuda Bank, and Moniepoint.

However, the directive threatened some customers of the fintech companies as some of them attempted to discontinue their patronage with the affected banks.

But while the order lasted, Nwosu assured customers, saying “Fintech has come to stay. We have had several meetings with different stakeholders, with the Economic and Financial Crimes Commission, EFCC, National Security Agency, NSA, Central Bank of Nigeria, CBN, and with the Fintech ecosystem.

“To be very honest with you, there is no issue, everything happening is to make Fintech in Nigeria better and to offer better services to the people. It is for the good of the people.”

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