PalmPay Resumes Onboarding, Reinforces Commitment to Secure Financial Solutions
2 min read
PalmPay has announced the resumption of onboarding new users and merchants on its mobile app, marking a significant step in its mission to transform Nigeria’s financial landscape with secure and efficient solutions. This development underscores PalmPay’s commitment to closely aligning with regulatory directives from the Central Bank of Nigeria (CBN).
Chika Nwosu, Managing Director of PalmPay Nigeria, reaffirmed the company’s dedication to financial security and inclusion. “Our commitment to excellence and financial security remains unwavering as we drive financial inclusion,” Nwosu stated. He emphasized that PalmPay strictly prohibits cryptocurrency and virtual asset trading on its platform, adhering to CBN regulations designed to protect the financial ecosystem.
Nwosu highlighted the company’s proactive measures to monitor platform activities and take necessary actions against any violations, including account closure and reporting to relevant authorities. “We are committed to maintaining robust Know Your Customer (KYC) and customer due diligence systems, which help us understand our users and mitigate risks effectively,” he added.
He reiterated PalmPay’s core mission of providing a safe and reliable platform for everyday financial needs, stressing the importance of stringent security measures. To enhance payment security and regulatory compliance, all new users are now required to validate their National Identification Number (NIN) or Bank Verification Number (BVN) during registration. Nwosu urged users to ensure their information is up-to-date and to review the terms and conditions on the app and website before completing the onboarding process.
The resumption follows a directive from the CBN on April 29, which temporarily halted new customer sign-ups across fintech companies due to concerns over KYC compliance. This directive was lifted on June 3, allowing PalmPay to continue expanding its user base under enhanced regulatory supervision.
PalmPay’s renewed onboarding efforts signal its ongoing commitment to securing the financial interests of its users while fostering an inclusive financial environment in Nigeria.
