PalmPay has announced the resumption of onboarding new users and merchants on its mobile app, underscoring its dedication to enhancing Nigeria’s financial sector with secure and efficient solutions.
The company is working closely with the Central Bank of Nigeria (CBN) to ensure compliance with regulatory standards.
In a recent statement, Chika Nwosu, Managing Director of PalmPay Nigeria, reaffirmed the company’s commitment to financial inclusion and security. “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, in line with Central Bank of Nigeria regulations to protect the financial ecosystem,” Nwosu stated.
PalmPay has implemented stringent monitoring of platform activities and is prepared to take necessary actions, including account closures and reporting to relevant authorities, for any cryptocurrency or related transactions. This proactive approach is part of their robust Know Your Customer (KYC) and customer due diligence systems, which are designed to understand users and mitigate risks effectively.
“Our core mission remains focused on providing a safe and reliable platform for your everyday financial needs,” Nwosu added. To enhance payment security and regulatory oversight, all new users are now required to validate their National Identification Number (NIN) or Bank Verification Number (BVN) during registration. Users are encouraged to ensure their information is up-to-date before registering and to review the terms and conditions available on the PalmPay app and website.
This development follows a directive from the CBN on April 29, which temporarily halted new customer sign-ups due to concerns over KYC compliance. The apex bank lifted the ban on June 3, allowing PalmPay to resume its onboarding process.
PalmPay’s renewed onboarding process marks a significant step in its mission to provide secure financial solutions and support financial inclusion in Nigeria.
