KYC update: Palmpay commends users, offers cash rewards

A Fintech Company, PalmPay, says customers’ focus on security and compliance has contributed to ensuring safer and more reliable transactions on its platform.

PalmPay’s Managing Director (MD), Mr Chika Nwosu, said this in an interview with our reporter on Friday in Lagos.

Nwosu was reacting to customers’ prompt response to notifications on updating their Know Your Customers (KYC) wallets, to avoid having their accounts frozen.

Old users and new users stand to have their accounts frozen by Jan. 31 and March 31 respectively, if they fail to update the KYC.

This followed an earlier directive by the Central Bank of Nigeria on strengthening KYC procedures for Tier 1 accounts.

“We have noticed that many PalmPay users have actively responded to our notifications by updating their KYC details.

“We appreciate users’ focus on security and compliance, as this contributes to ensuring safer and more reliable transactions on the PalmPay platform,” he said.

The MD said that the company was anticipating an increase in the number of customers who would be updating their wallets, leading up to the Jan. 31 deadline.

He said, however, that the company had implemented corresponding technical and staffing preparations to ensure its system could handle potential spikes in traffic.

“We have formulated a plan to address potential increases in user activity; we will enhance support from our customer service team and ensure the stability and reliability of our system.

“Additionally, we actively encourage users to undergo KYC authentication, with successful verifications currently earning users cash rewards of up to N500.

“We believe this reward programme will motivate more users to participate in the authentication process, ensuring they enjoy additional benefits on the PalmPay platform,” he said.

Nwosu, said that to further raise user awareness, the company had implemented reminders within the PalmPay application at critical transaction points, encouraging users to complete KYC authentication promptly.

According to him, this reminder system ensures that users do not miss the crucial steps of authentication during important transactions.

“Also, it provides them with a more convenient authentication experience.

“We remain committed to ensuring users are well-informed and engaged in our KYC update initiative,” the MD said.