In response to recent directives from the Central Bank of Nigeria (CBN) and growing concerns over fraud vulnerabilities, Opay and Palmpay, two prominent fintech companies in Nigeria, have announced significant changes to their customer verification processes.
Opay’s Security Enhancement:
Opay has introduced crucial changes to the identification method for securing bank accounts during the onboarding process. Customers are now required to provide bank account verification, an additional layer aimed at helping users authenticate their Bank Verification Number (BVN). This move aligns with the CBN’s latest guidelines mandating BVN/NIN verification for Tier 1 users. The updated process involves biometric validation, where the system verifies the user’s face against the BVN database or cross-references it with the user’s real name. The process is further fortified with a one-time password (OTP) verification, ensuring the authenticity of the user.
Palmpay’s In-App Security Upgrade:
Similarly, Palmpay has unveiled a new security in-app version as a response to the CBN’s directive on reinforcing the Know Your Customer (KYC) procedure for customers. The updated version mandates all new users to input their BVN or National Identification Number (NIN) before creating a wallet. This measure addresses concerns raised about weak customer security checks during onboarding. Chika Nwosu, the Managing Director of Palmpay, emphasized the commitment to compliance and security in the financial ecosystem. Nwosu stated that the upgrade is applicable to both existing and new users with BVN or NIN. After successful input of the NIN or BVN, users will undergo a face recognition process to limit incidents of impersonation.
Aligning with Regulatory Directives:
Both Opay and Palmpay expressed their commitment to compliance with regulatory directives and fostering a secure financial environment. The changes aim to not only enhance the overall security of users’ wallets but also protect users’ data. The initiatives by these fintech platforms are anticipated to reduce fraudulent activities and provide a safer banking environment for all users.
Encouraging User Compliance:
Opay and Palmpay encourage their users to promptly update their Know Your Customer (KYC) information on the respective apps. This step ensures compliance with the CBN directive and reinforces the security measures implemented by the fintech companies.
For more details on these security updates, you can read the full article here.
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