Leading fintech company PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.
The product launch is in response to the Central Bank of Nigeria’s recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers.
Speaking on the upgrade, Chika Nwosu, Managing Director, PalmPay, welcomed the CBN directive on all existing and new users having BVN or NIN.
“We are committed to ensuring compliance and fostering a secure financial ecosystem”, Nwosu said.
“As a forward-thinking fintech platform, we believe that this measure will enhance the overall security of users’ wallets and the protection of users’ data while providing seamless financial services.
“Through various in-app activities, we have always encouraged our users to link their wallets with their BVN or NIN. We are fully aligned to drive the new directive.”
Operating under the Mobile Money Operator license, PalmPay’s wallet opening process requires that new users have to provide their NIN or BVN number.
Also, to limit incidents of impersonation, after the successful input of the NIN or BVN, users will be required to proceed to the face recognition process.
“In all of this, we believe this measure will reduce fraudulent activities and provide a safe banking environment for all,” Nwosu added.
“We encourage users to update their KYC information on the app to ensure compliance with the directive.”