PalmPay is happy to report that onboarding has resumed for both users and merchants on its mobile app, after the Central Bank of Nigeria’s prohibition on onboarding new clients.
This significant achievement reflects PalmPay’s continuous dedication to transforming the Nigerian financial services industry by offering seamless, safe, and effective financial products and diligently collaborating with the top regulatory organisation.
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.
