PalmPay, a leading fintech company, has announced that it has resumed onboarding users and merchants on its mobile app.
This development highlights the company's commitment to transforming Nigeria's financial sector with secure and efficient solutions, while working closely with the Central Bank of Nigeria (CBN).
Chika Nwosu, Managing Director of PalmPay Nigeria, emphasized that the company's commitment to excellence and financial security remains unwavering. PalmPay does not permit cryptocurrency or virtual asset trading on its platform, aligning with CBN regulations to protect the financial ecosystem.
To ensure platform security, PalmPay monitors activities diligently and takes necessary actions, including account closure and reporting to relevant authorities, for any cryptocurrency or related transactions. The company maintains a robust Know Your Customer (KYC) and customer due diligence system to understand users and mitigate risks effectively.
PalmPay's core mission remains focused on providing a safe and reliable platform for everyday financial needs. To enhance payment security and regulatory supervision, all new users are required to validate either their National Identification Number (NIN) or Bank Verification Number (BVN) when registering.
Users are advised to ensure that their 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, citing concerns over KYC compliance. However, the apex bank lifted the ban on June 3, allowing PalmPay to resume onboarding users and merchants.
