PalmPay Sets Date to Freeze Users Accounts Not Linked to NIN as CBN Deadline Approaches

• One of Nigeria's digital payment platforms, PalmPay, has asked its customers to revalidate their NIN
• The company said in a statement that customers have until January 31, 2024, to provide details of their valid identification
• It said it has created an onboarding flow on its app to allow its customers to revalidate their BVN and NIN

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One of Nigeria's digital payment platforms, PalmPay, has asked its customers to link their accounts to their National Identification Number (NIN) before January 31, 2024, or have them frozen.

The company said in a statement seen by Legit.ng that the move aligns with the recent directives of the Central Bank of Nigeria (CBN) for banks and financial institutions to validate customers' accounts with Bank Verification Number (BVN) and NIN.

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PalmPay creates new process to revalidate accounts

PalmPay said it had launched a new onboarding flow on its app, mandating customers to validate their NIN or BVN or their accounts would be frozen.

PalmPay said:

"Since the directive's introduction last December, PalmPay has launched a new onboarding flow on the app which mandates all Tier 1 users to validate their NIN or BVN. Failure to do so means that the user would not be able to complete their registration on the wallet."

It said all users with valid BVN linked to their accounts must revalidate them before January 31, 2024, and those who have yet to do so have until the set date to provide their valid identification.

"Defaulting wallets will be frozen by January 31 and March 31, 2024, respectively," the company said.

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According to the statement, the Chief Executive Officer (CEO), Chika Nwosu, said the company was committed to doing its part to foster a secure financial ecosystem.

"We are committed to doing our part to foster a secure financial ecosystem. We urge all PalmPay users to update their KYC information on the app as soon as possible to ensure smooth service continuation for their wallets," he said.

Palmpay, Opay take action, announces account changes

Earlier, Legit.ng reported that OPay and Palmpay have announced key changes to how customers get verified on their platforms.

The two digital banking platforms made the changes in response to reports of loopholes exploited by fraudsters when opening accounts.

For Opay, there are changes in the identification method of securing bank accounts during the onboarding process.

Source: Legit.ng