A growing wave of public outrage has trailed allegations against fintech platform PalmPay over its handling of a ₦241,000 erroneous transfer case, with stakeholders now calling for regulatory scrutiny by the Central Bank of Nigeria (CBN).
The controversy follows a distress appeal by a Nigerian businesswoman, Mrs. Oyedeji, who claims PalmPay has failed to act despite clear indications that the recipient account linked to the transaction has been frozen.
According to Mrs. Oyedeji, the incident occurred on May 8, 2026, when she mistakenly transferred ₦241,000 from her Moniepoint account into a PalmPay account. Upon promptly reporting the error, her bank reportedly confirmed that the beneficiary account had been restricted and advised her to escalate the matter to PalmPay for resolution.
However, weeks after the incident, she alleges that PalmPay has neither provided a clear pathway for redress nor demonstrated urgency in resolving the issue, repeatedly informing her that “nothing can be done.”
