How to Delete Transaction History on Palmpay
To be straightforward with you, there's no way to delete transactions history on Palmpay without closing your account. That's just the fact many people don't want to accept. I don't know why you're looking to delete your transaction history, but the only practical way to do so is to completely close down your entire account.
As you can see in the image above, transactions history will be deleted once your account is closed. But if you want to keep using your account, there are other several things you can do with your transaction history on the Palmpay app, including downloading the statement and sorting them based on their status, money flow, payment types, bill categories, and more.
The reason why you're not allowed to delete your transaction history on PalmPay is simple. First of all, financial laws, set by the Central Bank of Nigeria (CBN), mandated that all financial institutions, including Deposits Money Banks (DMBs), must store financial records of their customers from the day an account starts receiving funds until the date of closure as proof.
The history can be used as proof of account accuracy and to prevent tax evasion. Your bank will also use the transaction history to spot unusual behavior, track spending, and investigate stolen funds.
In addition, if a payment goes wrong, both you and your bank will be liable to fixed record to resolve the issue. So, if you're allowed to delete an entry or the entire transactions history in your banking app, it would disrupt the mathematical balance of the account and undermine official financial audits. In fact, your bank can face huge monetary fines and penalties from the apex bank.
In a nutshell, banks must keep permanent, tamper-proof records for legal, security, and regulatory compliance. Closing your PalmPay account is the only way to have your overall transaction history deleted from the app.
