CBN Lifts Suspension on Fintech Company PalmPay

Financial technology platform, PalmPay, has resumed its services for new customers, marking a significant turnaround following the recent lifting of the suspension imposed by the Central Bank of Nigeria (CBN). 

It was decided after a review by the regulatory body, giving the green light for PalmPay to continue onboarding both individual and business users.

Chika Nwosu, the Managing Director of PalmPay, expressed delight at the resumption, stating, “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.”

The lifting of the ban signifies a positive step forward for PalmPay, which was among four fintech companies including OPay, Kuda Bank, and Moniepoint, affected by the CBN directive halting the opening of new accounts. 

During the suspension period, some customers expressed concerns, and considered switching their banking preferences.

Assuring customers, Nwosu emphasized the stability of the fintech industry, stating, 

“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.”