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Has CBN Shutdown Opay, Kuda, PalmPay, Other Digital Banks?

A statement by Opay, Kuda, PalmPay and shared via their social media handles have debunked the rumour, saying there is no such thing.

Has CBN Shutdown Opay, Kuda, Other Digital Banks?

Reports alleging CBN shutdown digital banks, Opay, Kuda Bank and PalmPay is false.

A statement by Opay, Kuda, PalmPay and shared via their social media handles have debunked the rumour, saying there is no such thing.

The rumour is being peddled by a twitter account,

The rumour:

Customers of the digital banks have gone into panic modes following the rumour that the Central Bank of Nigeria, CBN, has ordered the immediate shutdown of the Lagos offices of Opay, Kuda and other digital banks.

This is coming at a time when many Nigerians have moved to Opay, Kuda, PalmPay, CowryWise, Risevest and other digital banks for financial transactions.

The reason for the sudden migration is due to the transaction troubles customers are encountering with the apps and ATMs of traditional banks.

Naira scarcity and Cashless policy:

With the recent redesign of the naira by the CBN and subsequent mandating of Nigerians to exchange their old naira with the new ones, the currency notes have become very scarce.

As a result, Nigerians have been in pains as both the new and old naira notes are not available.

ALSO READ: Supreme Court Order: Old Naira No Longer Legal Tender, CBN Warns Banks

Consequently, some Nigerian youths have taken to the streets to protest and vandalise banks and ATMs since the CBN insists that the old N500 and N1000 notes are no longer legal tender.

Also, President Buhari has, during a live nationwide broadcast, asked the CBN to return only the old N200 notes back into circulation to ease the people’s sufferings.

The policy to mop up the old notes, according to the CBN, is to fight corruption and inflation and grow the country’s economy.

Meanwhile, state governors have taken the Federal Government the Supreme Court, asking the court to declare null and void, the CBN’s deadline for te old and new notes swap.

The Apex court had adjourned the matter to 22nd of February while giving an order to the FG to mandate the CBN not to declare the old notes illegal tender.

Poor Services by traditional banks:

Meanwhile, with the continued scarcity of the naira, one would have thought that the cashless policy would have a smooth sail especially with bank apps and ATMs working optimally.

However, Nigerians have been suffering as bank apps keep malfunctioning.

From GT Bank, First Bank, Access Bank, to the other traditional banks, their transfer channels via apps are not working.

Transfers are hanging, bank apps are refusing access for logins, reversal of funds are not happening and recipients are not getting funds transferred to them.

This has made many Nigerians to look for alternative solutions since there is no cash too to transact.

Enters Opay, Kuda, Pampay, Other Digital banks:

With the troubles involving the traditional banks’ apps, Nigerians moved to digital banks like Opay, Kuda, PalmPay, CowryWise, etc. for succor.

These digital banks have witnessed large volumes of downloads in the past two months since the naira swap policy began.

Enters The rumour:

However, while Nigerians think they now have respite in the digital banks, news have begun making the rounds on social media that the CBN has ordered the shutdown of the digital banks.

According to the rumours, the CBN allegedly said the shutdown of the digital banks is with immediate effect.

Opay Reacts:

However, in a post reacting to the rumour and posted on its handle, Opay debunked the rumour, saying it is all tissues of lies.

According to Opay, customers should disregard the rumour as its services are very much available.

It said there is no such thing as the CBN ordering a shutdown of its offices or those of others.

According to the bank, “Our attention has been draw to a post (Tweet) making rounds across social media platforms about Opay.

“The post mentioning the CBN shutting down our operations is false and misleading to the general public. ”

The digital bank urged its customers to disregard the rumour .

Kuda Reacts:

Also reacting to the rumour, Kuda Bank used a laughing emorji to respond to the claim while describing it as ridiculous.

According to the bank, “What shutdown? We’re wide open for business. Don’t be bothered by ridiculous rumours.”

It urged its customers not to bother about the rumour which it described as ridiculous.

PalmPay Reacts:

Equally in similar note, PalmPay has reacted to the rumour, describing it as fake news.

In a statement by PalmPay, it said “We are aware of a new currently being spread on social media (Twitter) about CBN shutting down the operations at PalmPay.

“PalmPay would like to declare that this tweet is fake news. Please, ignore all such misleading news of this nature.”

The rumour was first peddled by a Twitter user with handle, @GLplug.


The handle which only has 10 followers and is following 12 accounts was created in this February.

The account tweeted thus: “CBN Governor has ordered the shutdown of OPAY, KUDA AND PALMPAY offices in Nigeria with immediate effect starting from 16th February 2023. signed: Governor Emefiele CBN Governor #Opay #Caramel #olamide New Rema

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