Opay and Palmpay Intensify Account Verification Measures in Compliance with CBN Directives
OPay, a leading mobile-based payment platform in Nigeria, has announced plans to implement stricter account verification processes starting from March 1, 2024. This move is in response to directives from the Central Bank of Nigeria (CBN) regarding Know-Your-Customer (KYC) requirements. Users will be required to link their accounts with their Bank Verification Number (BVN) and/or National Identification Number (NIN) to access financial transactions. Failure to comply will result in the removal of accounts from the OPay platform. The company aims to ensure compliance with CBN’s instructions and enhance security measures to protect customers from potential fraudulent activities.
In a similar vein, PalmPay, another fintech company in Nigeria, is urging its users to update their KYC information by validating their NIN or BVN. The company has introduced a new onboarding flow that requires Tier 1 users to complete this verification process. Existing users who have not yet validated their information must do so by March 31, 2024, or their wallets will be frozen. PalmPay is offering incentives and increased support operations to help users comply with the requirements and ensure the continued smooth functioning of their wallets. Both OPay and PalmPay are taking these steps to strengthen security and align with regulatory guidelines set by the CBN.
