Following the directive of Central Bank of Nigeria, CBN on strengthening Know Your Customer (KYC) procedures, fintech company, PalmPay has sent a message all its customers.
PalmPay said it has launched a new onboarding flow on the app that requires all Tier 1 users to validate their NIN or BVN.
It emphasizes that failure to do so will prevent users from completing their registration on the wallet.
According to the company, all existing users have been advised to validate their BVN or NIN, while users who have previously validated their NIN or BVN must revalidate their KYC information by January 31, 2024.
Existing users who have not yet validated their NIN or BVN must do so by March 31, 2024.
Defaulting wallets will be frozen on January 31 and March 31, 2024, respectively.
This is coming on the heels of CBN new directives on Know-Your-Customer (KYC), mandating all accounts and wallets for individuals to have BVN and/or NIN before March 1, 2024.
CBN had also directed that no new accounts or wallets should be opened without BVN or NIN, DAILY GIST reports
Speaking on the development, the Managing Director of PalmPay Nigeria, Chika Nwosu said, “We are committed to doing our part to foster a secure financial ecosystem.
We urge all PalmPay users to update their KYC information on the app as soon as possible to ensure the smooth continuation of service for their wallets.”
In a bid to encourage users, the Palmpay has introduced an incentive payment of up to N500 for users who validate their information ahead of the deadline
Additionally, support operations have been strengthened to assist customers through the process.