FELICIA ITEJI
PalmPay has resumed the onboarding of new customers for individual and business users following the review by the CBN.
The company announced this in a statement made available to Daily Independent, stating that it is poised to offer potential customers seamless service.
“We are thrilled to continue our mission to provide more Nigerians with access to secure and reliable financial services,” the company stated.
The Central Bank of Nigeria (CBN) had placed a ban on Mobile Money Operators for Know Your Customer (KYC) audit. The companies affected were OPay, Moniepoint, Kuda, Paga and Palmpay.
With the lifting of the ban by CBN, it has cleared the way for the fintechs to resume onboarding new customers.
This comes about five weeks after the apex bank stopped the fintechs from onboarding new customers over concerns that their accounts were being used for illicit foreign exchange transactions.
While the CBN has not issued any official statement regarding that, two of the affected fintechs, PalmPay, OPay and Kuda have confirmed the development in separate messages to their customers early this week.
While responding to questions on Channels TV programme recently on the restriction on onboarding of new customers by the regulator, the company’s Managing Director, Mr. Chika Nwosu, he explained that PalmPay agreed with the regulators on some grey areas that need to be put in place and will start onboarding immediately it completes the required auditing.
