CBN Releases Names of 10 Digital Banks Licensed to Operate as MFBs, Issue POS Services

The Central Bank of Nigeria (CBN) says there are 10 licensed digital banks in Nigeria

The apex bank said that digital banks are also allowed to provide microfinance banking in the country

The banks operate primarily as apps without branches but are accorded the same rights as conventional banks

The names of the banks include:

Sofri

Mint

Piggyvest

VFD

Moniepoint

FairMoney

Carbon

Kuda

Eyowo

Sparkle

Source.

Opay nko?

What of palmpay and Opay

I do not understand the news or what it stands for , but this is what I know.

As long as it is Emefiele that is running it, the chances of failing is around 125%.

Op should be locked up.

CBN Clears Air On Suspending OPAY, PALMPAY Account

The Central Bank of Nigeria (CBN) has made clarification on viral reports that it has suspended accounts of some Fintech companies like OPAY and PALMPAY.

The apex bank refuted the reports, describing it as fake news.

According to the News Agency of Nigeria (NAN), this was made known by the Acting Director, of Corporate Communications of CBN, Mr. Isa AbdulMumin, on Friday, March 24, 2023, in Abuja, where he said that the viral news “is simply fake’’

The viral news credited to AbdulMumin claimed that the CBN was about to suspend accounts of the Fintech companies because they were being used to perpetrate fraud.

The viral news partly read, “Please if you are using OPAY, PALMPAY or any of these CHINA APPs or their POS, stop keeping much money in the account or stop using it.

The CBN is about suspending their accounts because these apps are being used to perpetrate fraud.’’

Similarly, OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN.

OPAY had stated that, “the post mentioning the CBN shutting down our operations is false and misleading to the general public.’’

PALMPAY also posted a similar disclaimer stating that “We are aware of news currently being spread on social media about CBN shutting down the operations of PALMPAY.

No link.

When next u are posting any News here you ned to include link to your source.