When is a good time to set a Pincode?

I'm working on a Mobile Wallet for Android that hast the following sign up flow:

1) Download and install

2) Opening screen

3) Enter Phone number

4) Phone number verification (entering a code sent via text message)

5) Password setup

6) Profile setup (full name + email)

7) Pincode setup

8) Wallet's home screen.

We need the user to have a pincode set up as a safety measure (they will be storing money in this app), but I am not sure about prompting the user to set it up during the sign up.

The user will also need to set up a recovery code that needs to be written in paper. We prompt the user to do this upon receiving money for the first time.

Is there a proper time to make the user set up a pincode?