PalmPay Onboards New Customers, Commits To Financial Inclusion

PalmPay has resumed onboarding of new individual and business users, following completion of the review carried out by the Central Bank of Nigeria(CBN), on its services, reaffirming its commitment to driving financial inclusion.

To this end, a statement from the company to LEADERSHIP yesterday, said: ‘We are thrilled to continue our mission to provide more Nigerians with access to secure and reliable financial services.”

This milestone, the company said, represents PalmPay’s ongoing commitment to revolutionising the Nigerian financial services sector by providing seamless, secure, and efficient financial solutions while working assiduously with the apex regulatory body.

Responding to this development, the managing director of PalmPay Nigeria, Chika Nwosu stated that, “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 (CBN) regulations to protect the financial ecosystem.

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“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 (KYC) and Customer Due Diligence (CDD) systems which help us understand our users and mitigate risks effectively.”

PalmPay said, its core mission remains focused on providing a safe and reliable platform for your everyday financial needs.

For better payment security and regulatory supervision, Nwosu charged all new users to validate either NIN or BVN when registering. Users are urged to ensure that the information on these platforms is up-to-date before commencing registration.

The Central Bank of Nigeria (CBN) had earlier given the nod to PalmPay and other fintech companies to resume onboarding new customers.

Recall that on April 29, 2024, the Central Bank of Nigeria (CBN) issued an order to fintech companies to cease accepting new clients. Days had passed since 1,146 accounts were barred for engaging in peer-to-peer cryptocurrency trading.

The fintechs were given a number of requirements on May 20, 2024, in order to lift the onboarding freeze. These requirements included requiring physical address verification for all account levels and prohibiting P2P cryptocurrency transactions. Additionally, the fintechs were requested to update their customer facial verification systems.

After about five weeks of stopping  the fintechs from onboarding new customers, CBN has reconsidered its decision; giving the nod to fintech companies to start onboarding new customers.