CBN Lifts Suspension on Fintech Firm, PalmPay

5th June 2024

Financial technology platform, PalmPay, has resumed onboarding of customers, following lifting of the ban imposed on it by the Central Bank of Nigeria, (CBN).

The Managing Director of PalmPay, Chika Nwosu, who confirmed this in Lagos yesterday, said: “We are pleased to announce 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.”

Recall that CBN had stopped four fintech companies, including OPay, Palmpay, Kuda Bank, and Moniepoint from opening new accounts until further notice.

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.”