PalmPay, a leading African-focused fintech company committed to driving financial inclusion through technology, has urged players in the financial services sector to put customers’ safety first.
At the 2023 Nigeria Fintech Week at the Landmark Center, Lagos, Folu Aduloju, Head of Operations, PalmPay, rallied the support of other stakeholders in Nigeria’s fintech ecosystem to help drive customer safety in the push for economic inclusion.
“In building solutions to bring more customers from the informal into the formal sector, players in the fintech ecosystem should work on building customers’ trust. This is a key factor because customers have a lot of panic due to past experiences of failed banks.
“Therefore, fintech companies need to create a safety net for customers by creating certain safety measures to enable customers to trust the sector. At PalmPay, we are centred on balancing security and user experience.
“We employ a closed-loop risk management system that involves continuous monitoring, analysis, and response to security threats. It allows us to detect and prevent risks in real time, reducing the potential impact of security incidents,” Aduloju added.
Speaking with the media on the sidelines of the event, the official said, “In PalmPay, we also have Wallet Safety Workshop, a way to educate our users on how to safeguard their wallets, educate them on fraud issues and proffer safety tips to apply to limit fraudulent incidents.
“Lastly, adherence to regulations by government agencies like the CBN and NDIC in ensuring users’ money gives PalmPay users the confidence to trust that their money is safe with us.”
This year’s edition of the Nigeria Fintech Week, themed “Resilience, Innovation, and Diversification,” united over 15,000 financial and fintech executives as well as decision-makers from prominent fintech companies, banks, insurers, technology services providers, venture capitalists, media outlets, government representatives, and regulators in over 80 countries.
The event converges traditional financial institutions with innovative fintech companies in Nigeria, one of Africa’s fastest-growing tech start-up hubs, providing stakeholders from diverse industries with technology integration opportunities to actively engage in essential discussions regarding innovative solutions in the fintech sector.
PalmPay is committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of Nigerians via money transfers, bill payments, credit services, savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses including 600,000 merchants and 500,000 agents are part of its cashless payment ecosystem.
The company has disclosed USD 140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.
