To combat the rise in fraud instances in Nigeria’s financial services industry, PalmPay, a prominent fintech startup that uses technology to promote financial inclusion in the country, has advocated for improvements to the security and safety of fintech apps.
Temitayo Oduwole, Head of IT and Payments at PalmPay, underlined the vital significance of giving app security and safety first priority in the fintech ecosystem on Wednesday, November 8, at the third Africa Tech Alliance Forum (AfriTECH) in Lagos.
Addressing “The Future of Money, Safety and Security, and Customer Experience,” In order to ensure that its more than 30 million users trade in a safe and reliable environment, Oduwole highlighted a number of features included in the PalmPay app.
“For the four years that PalmPay has been in business, we’ve increased our users to over 30 million because of how user-friendly our app is; while also marrying security and safety with customer experience to create a balance.
“We’ve integrated several security and safety features on the PalmPay app to protect our users from fraud, such as binding their phone to the app, an auto-logout and biometrics features to confirm our users’ identity,” Oduwole said.
He also said; “there is an inbuilt safety feature in the PalmPay app that uses Artificial Intelligence (AI) to understand users’ transaction patterns to cater for incidents of fake accounts, fraud, cyberattacks, to ensure account protection.”
PalmPay uses a closed-loop risk management solution that includes ongoing security threat analysis, monitoring, and response. It lessens the possible effect of security incidents by enabling us to identify and stop threats in real time.
To help our users prevent financial fraud, we also provide Wallet Safety Workshops where they learn how to protect their wallets and put safety guidelines into practice.
The 2023 Africa Tech Alliance Excellence (ATAEX) Awards for “Fastest Growing Fintech of the Year” were given to PalmPay in recognition of the fintech company’s “excellence and innovation in the use of IT in financial services,” which was one of the event’s highlights.
Industry stakeholders and regulators from the Nigerian Communications Commission (NCC), the Nigeria Computer Society (NCS), and the Association of Licensed Telecoms Operators of Nigeria (ALTON) were present at the event.
Among the others were the Institute of Software Practitioners of Nigeria (ISPON), InnovationBed Africa, Information Technology Association of Nigeria (ITAN), and Association of Telecommunications Companies of Nigeria (ATCON).
Dedicated to promoting economic emancipation throughout Africa, PalmPay is a leading fintech platform with an emphasis on the continent. PalmPay puts premium goods into the hands of regular Nigerians with its affordable, accessible, and secure array of financial services.
In addition to bill payment and credit services, PalmPay provides savings, money transfers, and mobile money agents.
With 30 million users and 1.1 million businesses—600,000 merchants and 500,000 agents—as part of its cashless payment ecosystem, the platform has expanded significantly since its 2019 launch in Nigeria under a Mobile Money Operator license.
The company’s financing of USD 140 million is public. In Nigeria and Ghana, the PalmPay app is accessible on the Google Play Store and the iOS App Store; further markets will be added in 2023.
