Following the CBN’s directive on strengthening Know Your Customer (KYC) procedures for Tier 1 accounts, fintech company, PalmPay, is encouraging users who have not yet complied with the requirements to do so promptly.
Since the introduction of the directive last December, PalmPay has launched a new onboarding flow on its App, which mandates all Tier 1 users to validate their NIN or BVN. Failure to do so means that the user would not be able to complete their registration on the wallet.
All existing users must also validate their BVN or NIN as follows:
1. Existing users who have validated their NIN or BVN previously must revalidate their KYC information by January 31, 2024.
2. Existing users who have not yet validated their NIN or BVN must do so by March 31, 2024.
Defaulting wallets will be frozen by January 31 and March 31, 2024, respectively.
According to Chika Nwosu, PalmPay Nigeria Managing Director, “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 in order to ensure smooth continuation of service for their wallets.”
The company has introduced an incentive payment of up to N500 for users who get ahead of the deadline and validate their information. Also, support operations have been beefed up to help its customers through the process.