News
Update your BVN, NIN or lose your account – PalmPay warns users
The app has introduced a new onboarding flow, mandating Tier 1 users to validate their NIN or BVN, emphasizing that failure to do so will hinder registration on the wallet.
In response to the Central Bank of Nigeria’s directive on reinforcing Know Your Customer (KYC) procedures for Tier 1 accounts, PalmPay, a fintech company, is urging users to promptly comply.
The app has introduced a new onboarding flow, mandating Tier 1 users to validate their NIN or BVN, emphasizing that failure to do so will hinder registration on the wallet.
Existing users are advised to validate their BVN or NIN, with those who’ve done so previously required to revalidate by January 31, 2024.
Defaulting wallets will be frozen on specific dates. PalmPay encourages users to update KYC information, offering incentives and enhanced support for a seamless process.
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