PalmPay, a prominent fintech company dedicated to enhancing financial inclusion in Nigeria through technology, has emphasized the pressing need for enhanced security and safety in fintech applications to combat the surge in fraud cases within Nigeria’s financial services sector.
During the third Africa Tech Alliance Forum (AfriTECH) held in Lagos, Temitayo Oduwole, the Head of IT and Payments at PalmPay, underscored the critical importance of prioritizing app security and safety in the fintech ecosystem. In his presentation on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole highlighted the various features incorporated into the PalmPay app to ensure a secure and trusted environment for its more than 30 million users.
He stated, “Over the four years of PalmPay’s existence, we have amassed a user base of over 30 million due to the user-friendliness of our app, while maintaining a delicate balance between security, safety, and customer experience.” Oduwole went on to describe several security and safety features integrated into the PalmPay app to shield users from fraud.
These include binding user phones to the app, an auto-logout feature, and biometrics for user identity verification. Furthermore, the PalmPay app incorporates an AI-driven safety feature, which analyzes user transaction patterns to detect and prevent fake accounts, fraud, cyberattacks, and protect user accounts.
PalmPay employs a closed-loop risk management system for continuous monitoring, analysis, and immediate response to security threats, minimizing the potential impact of security incidents. In addition to these technological safeguards, PalmPay conducts a Wallet Safety Workshop to educate users on how to safeguard their wallets and apply safety precautions to reduce the occurrence of financial fraud.
One of the highlights of the event was the presentation of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay in recognition of the company’s excellence and innovation in utilizing IT in financial services.
Their suite of services includes money transfers, bill payments, credit services, and savings, accessible through their app and mobile money agents. Since its launch in Nigeria in 2019 under a Mobile Money Operator license, PalmPay has grown to serve 30 million users and has incorporated 1.1 million businesses into its cashless payment ecosystem, including 600,000 merchants and 500,000 agents.
The company has secured USD 140 million in funding and currently provides its services through the PalmPay app, available on the Google Play Store and iOS App Store in Nigeria and Ghana, with plans to expand to additional markets in 2023.
