Nigeria: PalmPay resumes customer onboarding, reinforcing its commitment to financial inclusion

Following the Central Bank of Nigeria (CBN) lifting its restriction on onboarding new customers, PalmPay has announced the resumption of user and merchant onboarding on its mobile app.

This milestone underscores PalmPay’s dedication to transforming the Nigerian financial services sector by offering seamless, secure, and efficient financial solutions, all while closely collaborating with the apex regulatory body.

Following the restriction from the Central Bank of Nigeria (CBN) on onboarding new customers, PalmPay has announced that onboarding has resumed on its mobile app for users and merchants.

This milestone represents PalmPay’s ongoing commitment to revolutionizing the Nigerian financial services sector by providing seamless, secure, and efficient financial solutions while working assiduously with the apex regulatory body.

Chika Nwosu, the Managing Director, stated that PalmPay’s commitment to excellence and financial security remains unwavering as the company continues to 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 CBN’s Central 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,” Nwosu added.

PalmPay’s core mission continues to center on delivering a safe and reliable platform for everyday financial needs. To enhance payment security and ensure regulatory compliance, all new users must validate either their NIN or BVN during registration.