PalmPay, an African-focused fintech company committed to driving financial inclusion through technology, will lead the discussions on future of money, Fintech app security/safety and customer experience (CX), at the third Africa Tech Alliance Forum (AfriTECH 3.0).
AfriTECH 3.0 is under the theme: “Technology-as-a-Service (TaaS) in Emerging Economy.
The fintech platform committed to driving economic empowerment in Africa has been on the forefront promoting customer safety in the Fintech sub-sector.
Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.
PalmPay offers money transfers, bill payments, credit services, and 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.
Speaking ahead of the session on Future of Money, Security and CX session at AfriTECH 3.0, Chika Nwosu, Managing Director, PalmPay, said that 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 as this is a key factor because customers have a lot of panic due to past experiences of failed banks.
“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”, he said.
Speaking on the sidelines of the AfriTECH 3.0, Adeloju added, “In PalmPay we are happy with the opportunity 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.
He reiterated PalmPay’s commitment to strict adherence to regulations by government agencies like the CBN and NDIC which gives PalmPay users the confidence to trust that their money is safe.
Hosted by TechCastle Foundation in collaboration with Techeconomy and partners, AfriTECH 3.0 is a unique engagement platform for global thought leaders, regulators, and other stakeholders to discuss and collaborate on contemporary strategies for accelerating technology ecosystem in the African continent and globally.
Commenting, Mr. Chike Onwuegbuchi, co-convener of AfriTECH, said that other key topics to be explored include TaaS-driven last mile solutions, leveraging big data and artificial intelligence, inclusive product innovation, Driving ‘TaaS’ Model through infrastructure deployment, leveraging subscription model to survive tough economic times, cloud computing, omnichannel communications for improved CX, Consumer protection, fraud and data privacy, etc”.
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