PalmPay Limited has publicly rejected allegations that it unlawfully transferred or misappropriated funds belonging to KudiWave Technologies, stating that all its actions were taken in strict compliance with a valid order from the Federal High Court in Lagos.
In a signed statement from PalmPay Management, the fintech company said it was responding to ongoing public discussion surrounding the KudiWave funds. The company acknowledged that the situation has been difficult for KudiWave and its customers but firmly denied any suggestion of financial wrongdoing.
Court Order Behind PalmPay's Actions
According to PalmPay, its handling of the funds was governed by an order from the Federal High Court, Lagos, in Suit No. FHC/L/CS/795/2026, filed by the Inspector General of Police against PalmPay Limited and another party. The company said that as a licensed financial institution, it had no legal basis to disregard the court order, regardless of the position of any other party involved.
The statement read: "PalmPay's actions in the matter were taken strictly in compliance with a valid and subsisting order of the Federal High Court, Lagos. PalmPay does not have the discretion to act outside the terms of a valid court order, regardless of the preferences of any party involved."
PalmPay Warns Against Misinformation
The company also used the statement to push back against what it called attempts to misrepresent the facts of the case. PalmPay urged the public to rely on verified information and allow the legal process to run its course, adding that the matter is still before the court.
PalmPay further warned that it would not ignore inaccurate claims and said it was prepared to pursue any misleading statements made by individuals or organisations through the appropriate legal and regulatory channels. The statement was signed by PalmPay Management and did not specify which individuals or organisations it was referring to in connection with the alleged misinformation.
PalmPay to Launch in Four African Countries
Earlier, Legit.ng reported that PalmPay will expand to four African markets, including South Africa, Côte d’Ivoire, Uganda, and Tanzania. The company will leverage the momentum it built in Nigeria from processing over 15 million transactions daily across all markets in the first quarter of 2025.
The planned expansion will establish PalmPay's operations in six African countries, as it had earlier launched in Ghana and Kenya. The move would position the company for a future public offering, allowing it to scale its growth in those markets. The matter concerning KudiWave remains before the court, and PalmPay has stated it will continue to comply with legal processes.
