PalmPay Gives January 31 Deadline For Users To Update Particulars

In response to the Central Bank of Nigeria’s (CBN) directive aimed at strengthening Know Your Customer (KYC) procedures for Tier 1 accounts, fintech company PalmPay is actively encouraging users to promptly comply with the requirements.

Since the introduction of the directive in December, PalmPay has rolled out a new onboarding flow on its app. This new process mandates all Tier 1 users to validate their National Identification Number (NIN) or Bank Verification Number (BVN). Failure to comply means users won’t be able to complete their registration on the wallet.

For existing users, there are specific timelines for validating their BVN or NIN:

1. Users who previously validated their NIN or BVN must revalidate their KYC information by January 31, 2024.

2. Users who haven’t validated their NIN or BVN yet must complete the process by March 31, 2024.

Defaulting wallets are set to be frozen by January 31 and March 31, 2024, respectively.

Chika Nwosu, Managing Director of PalmPay Nigeria, emphasized the company’s commitment to fostering a secure financial ecosystem. Nwosu urged all PalmPay users to update their KYC information on the app promptly to ensure the smooth continuation of service for their wallets.

As an incentive, PalmPay has introduced a payment of up to N500 for users who proactively validate their information ahead of the deadlines. Additionally, the company has bolstered its support operations to assist customers through the validation process. The aim is to facilitate a seamless transition for users while adhering to the CBN’s directive on KYC procedures for Tier 1 accounts.

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