FG Clarifies Report Of ‘Delisting’ Opay, Palmpay, Kuda, Moniepoint From Transfer List

FG Clarifies Report Of Delisting Opay, Palmpay, Kuda, Moniepoint From Transfer List

Special Assistant to President Bola Tinubu on social media, Dada Olusegun, has debunked the report that the Central Bank of Nigeria (CBN) has threatened to delist money transfer banks, including Opay, Kuda, Moniepoints, from transfer channel.

The Nigeria Inter-Bank Settlement System (NIBSS), in the directive to banks, noted that having these non-deposit-taking financial institutions, such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on the bank’s NIP funds transfer channels contravenes the Central Bank of Nigeria (CBN) guidelines on electronic payment.

The directive cautioned that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

However, in a tweet on Thursday, December 7, the presidential aide said that the report is fake while urging the public to desist from spreading disinformation because it could lead to panic and hurt businesses.

Olusegun also urged members of the public to seek clarification on government policies to avoid spreading disinformation.

He wrote, “The misinformation making rounds about Opay, Moniepoint, Kuda, and many other banks being delisted as fund transfer channels is another reason why individuals should seek understanding of policies before making comments.

“Glad that all the banks are starting to respond by themselves.”

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