PalmPay Resumes On-boarding of New Customers
PalmPay, one of the Fintech players initially banned from on-boarding new customers, has said that it has resumed on boarding of new customers on its network, following the recent lifting of the ban by the Central Bank of Nigeria (CBN).
In a statement, the Managing Director of PalmPay, Mr. Chika Nwosu assured new customers of the opportunities to carry out financial transactions on the PalmPay network.
According to him, “We are pleased to announce that the on-boarding of new customers has resumed on PalmPay for individual and business users following the review by the CBN. We are thrilled to continue our mission to provide more Nigerians with access to secure and reliable financial services.”
The CBN had in April this year, directed some Fintech companies to stop on-boarding new customers, after it blocked over 1,000 accounts that were used for peer-peer crypto trading.
The country’s National Security Adviser (NSA) also categorised crypto as a security concern and is keen at ensuring that the fintechs ramp up ‘Know Your Customer’ (KYC) and fraud measures to prevent crypto transactions going through the fintechs.
On May 20, 2024, the fintechs were given several conditions for the ban to be lifted including asking them to block P2P crypto transfers and mandating physical address verification for all tiers of accounts. The fintechs were also asked to update their facial verification for customers.
Some fintechs have been criticised for lack of adequate KYC measures that have led to fraud, even though the battle against fraud is an industrywide issue.