PalmPay Resumes Customer Onboarding After CBN Lifts Ban

PalmPay Resumes Customer Onboarding After CBN Lifts Ban

by Sopuru Sopuru
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PalmPay, a leading financial technology platform, has announced the resumption of customer onboarding following the lifting of the ban imposed by the Central Bank of Nigeria (CBN).

Chika Nwosu, Managing Director of PalmPay, confirmed the news in Lagos, expressing delight at the opportunity to once again provide Nigerians with access to secure and reliable financial services.

The CBN had previously halted the onboarding of new customers for four fintech companies, including PalmPay, OPay, Kuda Bank, and Moniepoint. However, with the recent review by the CBN, PalmPay is now able to resume onboarding both individual and business users.

During the ban, some customers expressed concerns about the disruption in services and contemplated discontinuing their patronage with affected banks. Nonetheless, Nwosu reassured customers, emphasizing the resilience of the fintech industry and its commitment to providing enhanced services.

Moniepoint, OPay, and others’ account opening suspension sparks concerns

Nwosu highlighted ongoing engagements with regulatory authorities and stakeholders, including the Economic and Financial Crimes Commission (EFCC), National Security Agency (NSA), and CBN, aimed at improving the fintech ecosystem in Nigeria.

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He emphasized that the measures undertaken by regulatory bodies were aimed at enhancing the overall fintech landscape and ensuring better services for the people.

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