PalmPay, a leading fintech company, has announced the deployment of advanced technology solutions to combat the growing threat of fraud in Nigeria’s digital payment space.
Chika Nwosu, the Managing Director of Palmpay, disclosed this during the company’s 5th anniversary celebration in Lagos, recently.
Nwosu stated that the company had made remarkable growth but also pinpointed the hurdles the fintech had had to overcome, particularly in tackling the increase in fraud cases.
According to Nwosu, since its launch in Nigeria, Palmpay’s user base has surged from 100,000 in November 2019 to over 35 million by 2024, while the company now processes 300 million transactions monthly.
Nwosu said that the total transaction value on the platform had surpassed N6 trillion, with a network of 1 million mobile merchants and vendors.
Nwosu added, “Recently, there has been a rise in fraud. However, we have gotten some AI and fraud monitoring tools to combat them.”
Nwosu also reiterated that financial inclusion remained a core focus for Palmpay, noting that the company was working to ensure even those without smartphones could participate in the digital financial ecosystem.
“The future is about deepening financial inclusion. We want to reach the last man—the people who do not even use smartphones,” PalmPay MD remarked.
Despite the challenges of fraud and regulatory pressures that have at times impacted customer onboarding, Nwosu affirmed Palmpay’s commitment to problem-solving and innovation in Nigeria’s financial sector.
Nwosu further added, “The past five years have been about problem-solving, innovative thinking, and enabling Nigeria’s financial economy”.
