PalmPay (One of the financial technology companies in Nigeria) has announced that it has resumed onboarding users and merchants on its mobile app.
The CBN had directed fintech companies to temporarily halt new customer sign-ups on April 29, citing concerns over Know Your Customer compliance.
However, the CBN lifted the ban on the 3rd of June, 2024 leading to the resumption of the onboarding by all other financial technology companies.
As stated in a statement issued by Palmpay, the development highlighted its commitment to transforming Nigeria’s financial sector with secure, efficient solutions, while closely working with the apex regulatory body.
Chika Nwosu, The Managing Director of PalmPay Nigeria, said 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 regulations to protect the financial ecosystem.
“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 and customer due diligence systems, which help us understand our users and mitigate risks effectively.”
He reiterated that the company’s core mission remains focused on providing a safe and reliable platform for your everyday financial needs and for better payment security and regulatory supervision, all new users are required to validate either NIN or BVN when registering.
He urged users to ensure that the 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.
