Attention PalmPay Users: Act Now or Risk Frozen Accounts!

Not too long after Opay announces that it is extremely important to link its accounts with NINs or BVNs, PalmPay has set the last date for NIN linkage. 

PalmPay has informed its users that all of them who have not fulfilled the requirement of linking their accounts with their NINs will be able to complete this operation only before the 31st of January of 2024, after which accounts will be frozen. 

This response is an answer to the new orders that the CBN introduced for Nigerian banks and other financial organizations requiring them to link customers accounts with a Bank Verification Number, or NIN, as a verification process. 

The company responded to the directives issued by CBN by making changes in the existing process of verifying an account in its application. 

It has now become mandatory for customers to verify their NIN/BVN whenever they want to log into PamPay.

In addition to that, users holding valid but unlinked accounts are now subjected to new revalidation procedures till the stipulated date.

NIN Linking is Crucial for PalmPay Users to Avoid Account Restrictions

Chika Nwosu—the CEO of PalmPay—recalls that the company has always decided to contribute to a safe financial environment and requested all the users of PalmPay to update their KYC data as soon as possible if they do not want the provision of services regarding their wallet to be cut off.

In addition, through a recent update to the PalmPay application, NIN or BVN details will be a compulsory requirement for all new users registering for a wallet on the mobile application. Also, face recognition will be required for new users that register NIN or BVN.

These measures, Nwosu believes, will help reduce the prevalence of fraud and ensure a more robust banking environment for the Palm Pay user community. The company, for its part, calls for timely updating of user KYC data in the app to avoid penalties.

PalmPay’s activities go beyond mere statements and illustrate the company’s performance obligations, all of which indicate its commitment to regulatory authorities and safe practicing measures within the internet payment system in the country.