PalmPay Urges Users to Revalidate KYC Details Ahead of January 31 Deadline

PalmPay, a leading fintech company, has urged its users to revalidate their Know Your Customer (KYC) details before the January 31 deadline set by the Central Bank of Nigeria (CBN).

The move comes as part of the company’s efforts to ensure compliance with the CBN’s recent directive on strengthening KYC procedures for customers.

According to Chika Nwosu, Managing Director of PalmPay, the company is committed to promoting a secure financial ecosystem and ensuring that all users have their KYC information updated.

To upgrade their wallet KYC level using their BVN and NIN, PalmPay users are required to log into their app and follow the steps provided.

The recent measures implemented by PalmPay include a new security in-app version that mandates all new users to input their BVN or NIN before a wallet can be created.

This step is aimed at enhancing the overall security of users’ wallets and the protection of users’ data while providing seamless financial services.

In other news, the Nigerian fintech industry has been facing challenges related to fraud and customer verification concerns. Several fintech companies have been temporarily removed from Fidelity Bank’s mobile app due to these concerns.

However, PalmPay has assured its users that it is working closely with Fidelity Bank to address these issues and that it remains committed to providing a secure and reliable financial platform.

PalmPay’s call for users to revalidate their KYC details ahead of the January 31 deadline is a proactive step towards ensuring compliance with the CBN’s directive and promoting a secure financial ecosystem.

Users are encouraged to update their information promptly to avoid any disruptions to their financial services.