By By Habeeb Ibrahim
Palmpay, a leading mobile payment platform, has resumed registration for new customers and merchants on its app, following the approval from the Central Bank of Nigeria (CBN).
This development comes a week after OPay, another prominent fintech company, announced its resumption of new customer onboarding, also after receiving CBN’s greenlight.
With this development, new users and merchants can now download the Palmpay app and register to enjoy its innovative features and benefits.
According to a statement by PalmPay, this development highlights the company’s dedication to working closely with the Central Bank of Nigeria to drive financial inclusion while maintaining excellence and financial security.
Chika Nwosu, Managing Director of PalmPay Nigeria, emphasized that the company remains committed to financial security and excellence, despite the growing interest in cryptocurrency.
He noted that PalmPay does not permit cryptocurrency or virtual asset trading on its platform, in line with CBN regulations to protect the financial ecosystem.
PalmPay diligently monitors platform activities and takes necessary actions, including account closure and reporting to authorities, for any cryptocurrency or related transactions.
To ensure better payment security and regulatory supervision, new users are required to validate either NIN or BVN when registering. Users are urged to ensure up-to-date information on these platforms before commencing registration and to review terms and conditions in the app and website to onboard.
The statement reads: “Our commitment to excellence and financial security remains unwavering as we 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 the Central Bank of Nigeria 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 and customer due diligence systems, which help us understand our users and mitigate risks effectively.
“Users are urged to ensure that the information on these platforms is up-to-date before commencing registration and to review the terms and conditions in the app and website to onboard,” he noted.
