Palmpay has asked its users who are yet to verify their BVN/NIN to do so or risk their account being frozen by January 31st, 2024.
This latest warning, the company said, is following the directive by the Central Bank of Nigeria for all financial institutions to comply with the Know Your Customer (KYC) procedures for Tier 1 accounts.
In a statement by the fintech company, it directed all existing users to also validate their BVN or NIN as follows, “Existing users who have validated their NIN or BVN previously must revalidate their KYC information by January 31, 2024; and Existing users who have not yet validated their NIN or BVN must do so by March 31, 2024. Defaulting wallets will be frozen by January 31 and March 31, 2024 respectively.”
Expatiating, PalmPay Nigeria Managing Director, Chika Nwosu, said: “We are committed to doing our part to foster a secure financial ecosystem.”
