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Ahead of the January 31, 2024 deadline by the Central Bank of Nigeria (CBN) for existing users of fintech companies to upgrade their wallets, leading fintech company PalmPay has urged its users to upgrade their KYC details.

Fintech users affected by the CBN directive are grouped into three categories.

1. New users are mandatorily required to provide their NIN and or BVN number for Tier 1 wallet opening.
2. Those with an existing Tier 1 wallet but are yet to add their NIN or BVN have until March 1 2024 to do so.
3. All existing users across the three tiers, whose NIN or BVN information does not match, have until January 31, 2024, to revalidate.

In response to the CBN’s recent directive on promoting financial system stability by strengthening the KYC procedures for customers, PalmPay released an updated in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

To upgrade their wallet KYC level using their BVN and NIN, PalmPay users are required to log into their app and follow the steps below:

1. Click on your profile and access your KYC Levels.
2. Click on “Upgrade” at the bottom of the page showing your account KYC level.
3. Fill out the form with your correct details and submit for verification.

Chika Nwosu, Managing Director, PalmPay, had earlier welcomed the CBN directive on all existing and new users having BVN or NIN, stating that “We are committed to ensuring compliance and fostering a secure financial ecosystem.

“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.

“Through various in-app activities, we have always encouraged our users to link their wallets with their BVN or NIN. We are fully aligned to drive the new Directive.

“In all of this, we believe this measure will reduce fraudulent activities and provide a safe banking environment for all,” Mr Nwosu added, encouraging users to “update their KYC information on the app to ensure compliance with the directive.”