Is my BVN safe on Palremit?

Uploading your Bank Verification Number (BVN) on Palremit is an important verification step in our Know Your Customer (KYC) process.

We know that sharing your BVN can feel like a big step. You might be wondering, “Is my BVN safe on Palremit?” We want to reassure you that your security is our top priority.

Collecting your BVN is a crucial part of our verification process. It’s not just a formality—it’s a key step in ensuring the safety and integrity of our financial ecosystem. 

Here’s why we need your BVN and how we protect it:

• Regulatory compliance: It’s a requirement by Nigerian financial authorities like the Central Bank to prevent fraud and money laundering.

• User identity verification: BVN helps confirm that users are who they claim to be. We use your BVN information to fact-check other personal information you share in your account creation, enhancing your security.

• Transaction security: Verified accounts are less likely to be used for unauthorized or fraudulent activities.

• Account recovery: In cases where you lose access to your Palremit account, your BVN can help verify ownership and restore your account access.

• Improved financial services: Verified accounts will have access to higher transaction limits and additional features (as part of KYC.)

We assure you that our security measures safeguard your BVN and all personal information you share with Palremit. Your data is never used for anything malicious or shared with unauthorized parties.