Two leading fintech giants in Nigeria, OPay and Palmpay, has announced some important changes to how their customers get verified on their platforms. The two digital banking platforms made this KYC (Know Your Customers) changes in response to loopholes exploited by fraudsters when opening accounts

In this article, we shall be looking at those changes. So, if you are already a customer of any of the two digital banking giants, or you intend opening an account with them, then you will find the information on this page beneficial.

OPay and Palmpay Announces Important KYC Changes to Tackle Fraud

Changes Made By OPay

Fir OPay, they have introduce changes in the identification method of securing bank accounts, during the onboarding process.

According to the changes, customers will now have to provide bank account verification to help users authenticate BVN. The company said the process was introduced because BVN backs every account.

Opay statement reads:

“We introduced the bank account verification to help users authenticate BVN more conveniently (for example, where a user forgets their BVN).

“For biometric validation, our system will verify the face of the user with that on the BVN database, or double-check with the user’s real-name.

This is combined with an OTP process which then certifies authenticity of the user.

“This is more so, consistent with the CBN’s latest guidelines mandating BVN/NIN verification for Tier 1 users.”

Changes Made By PalmPay

PalmPay has launched a new security in-app version that mandates all new users to input their BVN or NIN numbers before a wallet can be created.

The company said the product launch is in response to the Central Bank of Nigeria’s recent directive on promoting financial system stability by strengthening the Know Your Customer (KYC) procedure for customers.

It is also in response to concerns about weak customer security checks during onboarding.

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