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Fintechs Should Enhance Users’ Safety and Trust to Forestall Rising Cases of Fraud – Oduwole

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PalmPay, a leading fintech company fostering financial inclusion in Nigeria through technology, has called for improvement in the security and safety of fintech apps to address the upsurge in fraud cases in Nigeria’s financial services sector.
Temitayo Oduwole, Head of IT and Payments, PalmPay, stated this at the third Africa Tech Alliance Forum (AfriTECH) on Wednesday, in Lagos, while emphasizing the critical importance of prioritizing app security and safety in the fintech ecosystem.
Speaking on ‘The Future of Money, Security/Safety, and Customer Experience,’ Oduwole highlighted several features built into the PalmPay app to ensure its over 30 million users transact under a secure and trusted environment.
“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 added; “Also, 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 employs 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.
We also run a Wallet Safety Workshop to educate our users on how to safeguard their wallets and apply safety tips to limit incidents of financial fraud’.
A highlight of the event was the award of the 2023 Africa Tech Alliance Excellence (ATAEX) Awards for ‘Fastest Growing Fintech of the Year’ to PalmPay for the fintech company’s “excellence and innovation in the use of IT in financial services.”
Attendees at the event included industry regulators and stakeholders from the Nigerian Communications Commission (NCC); the Nigeria Computer Society (NCS); Association of Licensed Telecoms Operators of Nigeria (ALTON).
Others were the Association of Telecommunications Companies of Nigeria (ATCON); Information Technology Association of Nigeria (ITAN); InnovationBed Africa; and Institute of Software Practitioners of Nigeria (ISPON), amongst others.
About PalmPay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. 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.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC, CBN Unveil Refund Framework for Failed Airtime, Data Transactions

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Nigerian Communications Commission (NCC) and Central Bank of Nigeria (CBN) have finalized a consumer protection framework to swiftly resolve complaints from failed airtime and data purchases caused by network outages, system errors, or user mistakes.

NCC, CBN Unveil Refund Framework for Failed Airtime, Data Transactions

NCC, CBN

Developed after months of consultations with Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other stakeholders, the framework responds to surging reports of debits without service delivery and prolonged resolution delays.

It unites telecom and financial sectors by pinpointing root causes—like debits without service credits—and enforces a Service Level Agreement (SLA) defining roles for all parties in transactions and refunds.

Key provisions include refunds within 30 seconds for debited but undelivered airtime or data (extendable to 24 hours for pending cases), mandatory SMS notifications on transaction status, and remedies for errors such as recharges to ported numbers, wrong purchases, or misdirected transactions.

NCC Consumer Affairs Director, Mrs. Freda Bruce-Bennett, highlighted a new Central Monitoring Dashboard, co-hosted by NCC and CBN, for real-time tracking of failures, culprits, refunds, and SLA violations.

“Failed top-ups are among the top three consumer complaints. True to our mandate, we prioritized a rapid solution,” she stated.

Bruce-Bennett thanked stakeholders, especially CBN leadership, noting that MNOs and banks have already refunded over N10 billion pending formal approval.

Implementation begins March 1, 2026, following regulator approvals and technical integrations by MNOs, VAS providers, and DMBs.


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NASENI Launches Inter-Agency Innovation Competition for MDAs

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National Agency for Science and Engineering Infrastructure (NASENI) has announced the launch of an Inter-Agency Innovation Competition and Awards to stimulate creativity and technological advancement among Ministries, Departments and Agencies (MDAs) of the Federal Government.

NASENI Launches Inter-Agency Innovation Competition for MDAs

NASENI

In a statement issued on Wednesday in Abuja, NASENI said the initiative was designed to harness innovative ideas from public servants that can drive indigenous industrialization, job creation and national progress.

According to the agency, the competition will provide a platform for MDAs to propose solutions in critical sectors such as health, agriculture, education and infrastructure, leveraging science and technology to improve public service delivery and enhance the quality of life for Nigerians.

“The competition seeks to promote collaboration and creativity among MDAs while addressing pressing national challenges through innovation,” the statement said.

NASENI urged interested MDAs to submit their entries through its innovation portal at naseni.gov.ng/innovation.

The agency reiterated its statutory mission “to develop and maintain a dynamic infrastructure to drive Nigeria’s indigenous industrialization, job creation and national progress,” adding that the competition would further strengthen efforts to unlock the nation’s potential through science and technology.


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Mandatory Biometric Verification for Starlink Users in Nigeria Begins

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Users of satellite internet service provider Starlink in Nigeria are being required to complete a biometric Know Your Customer (KYC) process as a precondition to continue enjoying their services, according to .biometricupdate.

Mandatory Biometric Verification for Starlink Users in Nigeria Begins

According to local reports, more than 66,000 Starlink subscribers in the country had a December 31 ultimatum from the Nigerian Communications Commission (NCC) to complete the biometric verification or have their connection discontinued.

The process essentially entails linking a Starlkink account with the subscriber’s national digital ID.

The NCC, which is Nigeria’s telecoms industry regulator, is said to have first issued the directive in August last year, setting a three-month deadline which was to elapse on November 19, TechCabal reports.

The body however later extended it to December 31 after consultations with industry stakeholders. The internet account-NIN linkage, the NCC said, is to enhance identity verification and strengthen security within the country’s telecoms space.

Just a few days to the December 31 deadline, Starlink’s Nigeria office sent an email to its subscribers reminding them of the KYC requirement, and warned that all those who fail to comply would be disconnected.

And that once disconnected, reconnection would depend on network capacity in the concerned area.

The service provider said in its email that the process takes less than two minutes and users can complete it by logging in to their account via an app.

One user, quoted by TechCabal, said one needs to upload their selfie biometrics, provide their national identification number (NIN) and then give their consent for the account to be linked to their ID information.

Starlink’s internet service is present in about 155 countries with nine million users, as of 2025. Its growth in Nigeria is said to be rapid, making it the second largest internet service provider in the country, according to The Traffic.

Biometric identification for Starlink subscribers could become a continent-wide trend given that some countries have expressed reservations in opening up their internet space to the company over security concerns.

There’ve been fears that jihadists in countries like Mali and Nigeria may have exploited Starlink terminals to coordinate terror operations, and cybersecurity experts have also warned of risks related to weak regulation, digital sovereignty and data breaches.

The requirement for Starlink internet users to have their accounts linked with the NIN is similar to the SIM-NIN linkage policy which the Nigerian government battled to implement for many years, with many deadline extensions.

In October last year, the NCC, which is was at the forefront of the policy implementation, announced that all active SIM cards across all network providers had complied with the directive which was issued in 2020.

The idea, the federal government argued, was to strengthen security and curb criminality such as kidnappings which are aided and abetted by improperly identified mobile phone numbers.


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