Leading fintech firm PalmPay has unveiled an enhanced security in-app version, marking a significant stride in compliance with the Central Bank of Nigeria’s (CBN) recent directive to fortify the Know Your Customer (KYC) procedure for customers and reinforce financial system stability.
Championing this strategic move is Chika Nwosu, the Managing Director of PalmPay, who expressed a warm welcome to the CBN directive, emphasizing the company’s unwavering commitment to compliance and the establishment of a secure financial ecosystem. Nwosu highlighted the company’s proactive stance, stating, “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.”
PalmPay, operating under the Mobile Money Operator license, has adapted its wallet opening process to align with the regulatory directive. Now, all new users are required to input their Bank Verification Number (BVN) or National Identification Number (NIN) during the wallet creation process. This move not only supports the CBN’s initiative but also reflects PalmPay’s dedication to maintaining the highest standards of security.
In an effort to further mitigate the risk of impersonation and enhance security, PalmPay has incorporated an additional layer into the verification process. Following the successful input of the NIN or BVN, users will be prompted to undergo a face recognition process. Nwosu stated, “In all of this, we believe this measure will reduce fraudulent activities and provide a safe banking environment for all.”
Encouraging existing users to embrace the changes, Nwosu urged, “We encourage users to update their KYC information on the app to ensure compliance with the directive.” This proactive approach ensures that PalmPay users remain at the forefront of enhanced security measures, aligning with industry regulations and fostering a safer banking environment.
As PalmPay continues to evolve as a leading player in the fintech landscape, this latest development underscores its dedication to user security, regulatory compliance, and the seamless provision of financial services. The incorporation of BVN and NIN requirements, coupled with face recognition technology, positions PalmPay as a trailblazer in establishing robust KYC procedures for the digital financial space.