Following the restriction from the Central Bank of Nigeria on onboarding new customers, PalmPay has announced that onboarding has resumed on its mobile app for users and merchants.
In a statement made available to Techeconomy, the tech company said this milestone represents its ongoing commitment to revolutionizing the Nigerian financial services sector by providing seamless, secure, and efficient financial solutions while working assiduously with the apex regulatory body.
Chika Nwosu, Managing Director of PalmPay Nigeria, stated,
“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 (CBN) 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 (KYC) and Customer Due Diligence (CDD) systems which help us understand our users and mitigate risks effectively.”
PalmPay core mission remains focused on providing a safe and reliable platform for your everyday financial needs.
“For better payment security and regulatory supervision, all new users are required to validate either NIN or BVN when registering.
“Users are urged 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”, the MD said.
