Not quite long after opay Announces that it’s customers should connects their accounts to NIN or BVN and now Palmpay sets its deadline for NIN linkage.
PalmPay, one of Nigeria’s prominent digital payment platforms, has announced a deadline for its customers to link their accounts to their National Identification Number (NIN) before January 31, 2024, or risk having their accounts frozen.
This decision comes in alignment with recent directives from the Central Bank of Nigeria (CBN), mandating banks and financial institutions to validate customers’ accounts with either their Bank Verification Number (BVN) or NIN.
In response to the CBN’s instructions, PalmPay has implemented a new onboarding flow within its app, requiring customers to validate their NIN or BVN. Users with valid BVNs linked to their accounts are also required to revalidate them before the aforementioned deadline.
PalmPay Users should Link their NIN or Face Account Freezing
Chika Nwosu, the CEO of PalmPay, emphasized the company’s commitment to fostering a secure financial ecosystem and urged all PalmPay users to update their Know Your Customer (KYC) information promptly to ensure uninterrupted service for their wallets.
Furthermore, a new security in-app update by PalmPay will mandate that all new users provide their BVN or NIN numbers before creating a wallet on the mobile app. Additionally, new users who input their NIN or BVN will be required to proceed with a face recognition process.
Nwosu expressed confidence that these measures will contribute to reducing fraudulent activities and provide a safer banking environment for all PalmPay users. The company encourages users to update their KYC information on the app to ensure compliance with the directive.
PalmPay’s proactive steps reflect its dedication to adhering to regulatory requirements and enhancing security measures within the digital payment landscape in Nigeria.
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