PalmPay, a leading fintech company in Nigeria, has reiterated its unwavering commitment to combating financial fraud through cutting-edge technology.
This was highlighted during a high-level visit by the company’s Managing Director and management team to the Nigerian Financial Intelligence Unit (NFIU).
Discussing the issue of rising fraud in the country, Chika Nwosu, Managing Director of PalmPay Limited emphasized the need for a significant collaboration between fintechs and the government in Nigeria, to effectively tackle the fraud menace plaguing the financial system.
He noted this amidst the growth in electronic payment transactions witnessed in Nigeria’s financial system as seen year on year in the payment ecosystem.
Chika stated, “At PalmPay, we believe that a secure financial ecosystem is the foundation for a thriving digital economy. Our partnership with the NFIU underscores our dedication to supporting Nigeria’s anti-fraud and AML efforts. Together, we aim to set benchmarks in financial security and integrity, ensuring a safer digital experience for all Nigerians.”
PalmPay reaffirmed its support for the NFIU in the agency’s mission to safeguard the country’s financial system. The fintech company outlined plans to work closely with the agency, including knowledge-sharing initiatives, training programs for stakeholders, and collaboration on innovative solutions to address emerging threats in the digital space.
The NFIU Chief Executive Officer, Mrs Hafsat Abubakar Bakari commended PalmPay for its proactive approach to security and its demonstrated commitment to aligning with national and international regulatory frameworks. The Agency emphasized the need for continuous collaboration between private sector players and government bodies to strengthen the fight against financial crimes.
PalmPay’s visit to the NFIU is a testament to its vision of contributing to a secure, transparent, and inclusive financial ecosystem in Nigeria. As a fintech leader, PalmPay is committed to creating a digital economy where trust and security empower growth and innovation.
About PalmPay
PalmPay is a leading emerging markets-focused fintech platform committed to driving economic empowerment in Africa. Through its reliable, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday consumers and local and international merchants.
PalmPay offers money transfers, bill payments, and savings on its apps and via its mobile money agents. Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform’s ecosystem has grown to over 35 million smartphone app users and 1.2 million MSMEs.
For more information, visit our social media platforms or website www.palmpay.com