PalmPay Resumes Onboarding Of New Customers

PalmPay has announced the resumption of user and merchant onboarding on its mobile app.

In a statement, PalmPay emphasized its dedication to revolutionizing Nigeria’s financial sector through secure and efficient solutions, in collaboration with the apex regulatory body.

The Managing Director of PalmPay Nigeria, Chika Nwosu, emphasised that the company’s core mission remains focused on providing a safe and reliable platform for your everyday financial needs.

He mentioned that for improved payment security and regulatory oversight, all new users are required to validate either NIN or BVN when they register.

Nwosu said, “Our commitment to excellence and financial security remains unwavering as we drive financial inclusion.

“Despite the growing interest in cryptocurrency, PalmPay does not permit cryptocurrency or virtual asset trading on our platform, and this is in line with the Central Bank of Nigeria regulations to protect the financial ecosystem.

“We monitor platform activities diligently and take necessary actions, including account closure and reporting to the relevant authorities, for any cryptocurrency or other related. Transactions.

“We are committed to maintaining a robust Know Your Customer and customer due diligence systems, which help us understand our users and mitigate risks effectively.

“Users are urged to ensure that the information on these platforms is up-to-date before commencing registration and to review the terms and conditions in the app and website to onboard.”

The CBN had directed fintech companies to temporarily halt new customer sign-ups on April 29 due to KYC compliance concerns, but lifted the ban on June 3.