One of Nigeria’s most popular digital and mobile money operators, PalmPay, has urged users who have not yet complied with the requirements to do so, as it has warned that it will freeze all non-verified wallet accounts. This announcement follows the CBN’s Directive on strengthening Know Your Customer (KYC) procedures for Tier 1 accounts.
This move aligns with the Central Bank of Nigeria’s (CBN) directive that accounts not associated with a BVN or NIN by April 2024 will be suspended due to reported fraud and identity theft incidents.
Since the release of the directive by the CBN last December, PalmPay has launched a new onboarding flow on its App, which mandates all Tier 1 users to validate their NIN or BVN. Failure to do so means that users would not be able to complete their registration on the wallet.
Henceforth, the fintech company has urged all existing users who have validated their NIN or BVN previously to revalidate their KYC information by January 31, 2024, while those who have not yet validated their NIN or BVN must do so by March 31, 2024. PalmPay has confirmed that improved support operations have been established to assist users in completing the process.
PalmPay has also added an incentive payment of up to N500 for users who get ahead of the deadline and validate their information.