You can follow these simple steps to change/update your Niyo Money account password:
Website:
Click on the top-right Profile Icon (the one with a face on it, next to the bell icon) > Click "My Account" > Click "Change Password" (on the left side).
App:
Home page → Menu (bottom right) → Settings → Change Password.
Once you have clicked "Change Password" (from the website or the app), you will be sent an OTP immediately on your registered email ID. Check your email, and enter that OTP on the Niyo Money Screen. You will then be able to change your password.
Note: The OTP for password change gets generated as soon as you click on the "Change Password" section. There can be times when you may just be exploring through the My Account section, and click the change password section by mistake (maybe while scrolling). In such cases, the OTP email will come to you. However, there is nothing to worry about, you're the only one with access to the OTP, and no one else can change your password.