“Competitors Want to Run Us Out of Business”: OPay Source Speaks on Alleged Suspension by CBN

“Competitors Want to Run Us Out of Business”: OPay Source Speaks on Alleged Suspension by CBN

  • A source at OPay has said that the news of the CBN suspending the digital financial platform was not just untrue and malicious but intended to drive it out of business
  • According to the source, competitors planted the fake news because OPay’s operations threatened theirs
  • He said the company had witnessed a massive sign-up and downloads in the past three months

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Following the viral news that the Central Bank of Nigeria wants to suspend the accounts of two digital payment platforms, OPay and PalmPay, a source at OPay has said that the company is aware of the fake news sources.

A senior officer at the company, who craved anonymity, told Legit.ng that the fake news was planted on social media to discredit the company, drive fear into users and ultimately make them stop using the platform.

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The officer added that they and other payment platforms were under attack because they relieved Nigerians when most platforms owned by commercial banks could not carry out hitch-free transactions.

Opay, CBN, Suspension
Governor of the Central Bank of Nigeria, Godwin Emefiele Credit:PIUS UTOMI EKPEI
Source: Getty Images

OPay suspects competitors

Reacting to the speculation, the source said:

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“Our platforms were and remain the sources of relief for Nigerians who are suffering the pains of failed transactions by banks. Imagine sending money via your bank, which takes ages to deliver.
“So, these people want to run us out of business and make it hard for us to operate. CBN heavily regulates us, and we adhere strictly to its rules. So, we were shocked when the news started flying around that we were under the radar of CBN.”

Asked if the company has identified the exact source of the fake news and if he is certain the competition planted it, the source said it could be competitors or big guys in the financial sector.

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According to him, many Nigerians were abandoning their bank apps and flocking to the platform for transactions, stating the app was downloaded millions of times and had massive sign-ups in the last three months.

“We can’t say categorically, but we believe those who felt threatened by our operations, how seamless transactions on the platform were, may be behind the fake report.”

CBN refutes reports of alleged OPay suspension

Recall that the Central Bank of Nigeria (CBN) clarified viral reports that it had suspended the accounts of some fintech firms like OPay and PalmPay.

Vanguard reports that the CBN refuted the reports and described them as fake news.

The News Agency of Nigeria (NAN) also said the Acting Director of Communications of CBN, Isa Abdulmumin disclosed the bank's stand on Friday, March 24, 2023, in Abuja. Abdulmumin said it “is simply fake.”

The fake news credited to the CBN spokesman claimed that the CBN was prepping to suspend the accounts of the payment platforms because they were used for fraud.

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Naira swap, banking troubles: Nigerians name alternative platforms for savings, seamless transactions

Legit.ng earlier reported that following moves by the Central Bank of Nigeria (CBN) to swap old naira notes for new ones and its February 10, 2023, deadline, many banks in the country are at their wit's end due to the volume of hiccups in transactions.

Reports of glitches from banking platforms have left many in Nigeria exasperated, frustrated, and yearning for better alternative savings platforms.

Experts believe that the current bank woes, caused by scarcity of cash, have unearthed the underbelly of Nigeria's banking industry, showing how unready the entire banking sector is for the much-touted cashless policy of the Central Bank of Nigeria.

Source: Legit.ng

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