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In response to the Central Bank of Nigeria’s directive to strengthen Know Your Customer (KYC) procedures for Tier 1 accounts, PalmPay, a fintech company, is urging users to promptly comply with the requirements.
Since the directive was introduced in December, PalmPay has implemented a new onboarding flow on its app, requiring all Tier 1 users to validate their National Identification Number (NIN) or Bank Verification Number (BVN). Users who fail to do so will be unable to complete their registration on the wallet.
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Existing users are also required to validate their BVN or NIN with the following deadlines:
1. Existing users who have previously validated their NIN or BVN 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.
Wallets that default on the deadlines will be frozen by January 31 and March 31, 2024, respectively.
Chika Nwosu, PalmPay Nigeria’s Managing Director, emphasized the company’s commitment to fostering a secure financial ecosystem. PalmPay encourages all users to update their KYC information on the app promptly to ensure the smooth continuation of service for their wallets.
To incentivize early compliance, the company has introduced a payment incentive of up to N500 for users who validate their information before the deadline.
Additionally, support operations have been enhanced to assist customers through the process.
