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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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Price of Data in Nigerian Mobile among Top Four Cheapest Globally – MTN CEO

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Karl Toriola, chief executive officer (CEO), MTN Nigeria, has defended the billings for data by the country’s network providers, saying they are some of the cheapest in the world.

Price of Data in Nigerian Mobile among Top Four Cheapest Globally - MTN CEO

Karl Toriola, chief executive officer (CEO), MTN Nigeria,

Network providers in the country have taken the stick in recent times for what some customers claim is a high cost for mobile data.

However, Toriola says that is not the case, arguing that Nigeria has one of the cheapest costs for data.

“Influencers and critics, look at the price at which we sell bundles of data. Then now take that price, go and check in Kenya, go and check in Congo, go and check across the world, and tell me if you are not going to tell me that data in Nigeria is one of the four cheapest in the world. Ghana is also very cheap, I acknowledge that,” he said during the MTN Data Trial conference held in Lagos at the weekend.

“But compared to any other African country, you will see that the data in MTN Nigeria, not just MTN, our competitors too, is one of the cheapest in the world, even after the tariff increase.”

In January 2025, the Nigerian Communications Commission (NCC) approved a 50% tariff increase for telecoms operators in the country, meaning users had to pay more for data and airtime.

The regulator said the review, though lower than the “over 100%” requested by some network operators, was arrived at taking into account ongoing industry reforms that will positively influence sustainability.

“These adjustments will remain within the tariff bands stipulated in the 2013 NCC Cost Study, and requests will be reviewed on a case-by-case basis, as is the Commission’s standard practice for tariff reviews. It will be implemented in strict adherence to the recently issued NCC Guidance on Tariff Simplification, 2024,” the agency said in a statement.

It cited increased operational costs and the need to ensure that the delivery of services to consumers is not compromised as part of the reasons for the first hike in rates since 2013.

“These adjustments will support the ability of operators to continue investing in infrastructure and innovation, ultimately benefiting consumers through improved services and connectivity, including better network quality, enhanced customer service, and greater coverage,” NCC said.

The move drew backlash from Nigerians and pressure groups such as the Nigeria Labour Congress (NLC), which protested against the decision, describing it as harsh.

“This decision is insensitive, unjustifiable, and a direct assault on Nigerian workers and the general populace, who are already burdened by worsening economic hardship foisted on them by policies of the government that were no fault of theirs,” the union said.

 


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NAIFF Returns for 2026, Expands Focus on AI-Powered Storytelling in Africa

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Nigeria AI Film Festival (NAIFF) returns this September 2026 at Alliance Française Lagos to continue exploring the growing role of AI in filmmaking across Africa.

NAIFF Returns for 2026, Expands Focus on AI-Powered Storytelling in Africa

 

Following a strong debut, the festival founded by Obinna Okerekeocha has quickly become a gathering point for filmmakers, technologists, and creatives who are curious about what AI means for storytelling and where it’s all heading.

In its first edition last year, NAIFF recorded over 400 submissions and hosted a mix of curated screenings, panel conversations, and its AI Academy, an initiative focused on giving creatives practical tools for AI-driven production. The director of communications and panel host for the event, Chidera “Odera Collins” Okonji, described the experience as “a necessary disruption,” noting how it challenged familiar ways of telling stories and opened up new creative possibilities.

Many attendees shared similar reflections, describing the festival as immersive, eye-opening, and genuinely educational. For a lot of people, it was their first, hands-on experience seeing how AI is already shaping filmmaking within Nollywood and across Africa.

Building on that momentum, the 2026 edition is set to go even further. This year’s festival will place a stronger emphasis on experimentation, collaboration, and more grounded conversations around the ethical use of AI in film. The goal is simple: to keep pushing what’s possible while supporting the people actually doing the work.

The festival will feature:

  • Screenings of selected AI-driven films
  • Industry panels and conversations
  • Hands-on workshops and training sessions
  • Networking opportunities across creative and tech communities

NAIFF continues to position Nigeria within the global conversation on the future of filmmaking, one where technology supports, rather than replaces, human creativity.

Submissions for the 2026 edition opened on May 1 and will close on July 31. Filmmakers, artists, and digital creators are invited to submit works that explore new ways of telling stories with AI.

Speaking on this year’s call for entries, Director of Programs Chisom Ifeakandu described the current moment in filmmaking noted that African storytellers deserve to be at the centre of conversations around AI and creativity.

“We want to see films that use AI not as a gimmick, but as a real tool in service of stories that matter,” she said. “Show us something we’ve never seen before, make it feel true, and make it unmistakably yours.”

As the industry continues to evolve, NAIFF remains focused on building a space where innovation in African cinema can grow in a meaningful and sustainable way.

For submissions: https://filmfreeway.com/NaijaAIFilmFestival


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FG Targets Alleged N3tn Capital Flight, Opens Airtime Credit Market to Nigerian Fintechs

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The Federal Government has backed moves to deregulate Nigeria’s airtime credit and data advance market, a step aimed at increasing indigenous participation, promoting competition and reducing capital flight from the country.

FG Targets Alleged N3tn Capital Flight, Opens Airtime Credit Market to Nigerian Fintechs

The move follows regulatory efforts by the Federal Competition and Consumer Protection Commission (FCCPC), which has advocated opening the market to Nigerian financial technology firms after years of dominance by foreign service providers.

Sources familiar with the development said President Bola Tinubu approved measures designed to dismantle the long-standing dominance of a South African technology firm, Optasia, in the airtime credit and data advance segment.

According to the sources, the FCCPC argued that the existing market structure had limited competition, restricted local participation and encouraged significant profit repatriation outside Nigeria.

The commission reportedly maintained that opening the sector would align with the Federal Government’s broader economic objectives of promoting local content, strengthening the digital economy, creating jobs and retaining more value within the domestic economy.

Optasia, formerly known as Channel VAS, has operated in the airtime credit and data advance market for about 12 years, providing services primarily to telecommunications operators, including MTN and some of its African affiliates.

The FCCPC is said to have raised concerns about the company’s operational structure and its contribution to Nigeria’s technology ecosystem despite its extensive activities within the country.

According to sources, the commission believes deregulation will encourage innovation, expand opportunities for indigenous fintech companies and support the implementation of the government’s Nigeria First Technology Policy.

“The commission’s position is that opening the market will promote competition, support local technology firms, create employment opportunities and reduce capital flight,” a source familiar with the matter said.

The deregulation initiative is also expected to deepen indigenous participation in Nigeria’s fast-growing fintech industry and reduce foreign exchange outflows associated with technology services.

Sources further disclosed that the FCCPC had presented the Presidency with a list of nine licensed Nigerian companies considered capable of providing airtime credit and data advance services in a competitive market environment.

The commission reportedly argued that local firms possess the technical expertise and operational capacity required to deliver the services currently dominated by foreign operators.

However, sources said Optasia had opposed the deregulation effort through legal and diplomatic channels.

According to the sources, the company has sought judicial intervention while also pursuing diplomatic engagements aimed at preserving its position in the market.

Despite those efforts, the Federal Government is said to have maintained its support for opening the sector to greater competition.

Industry stakeholders believe the move could reshape Nigeria’s digital financial services landscape by encouraging innovation, improving service delivery and creating new opportunities for indigenous technology firms.

Neither the Presidency, FCCPC nor Optasia had issued an official statement on the development as of the time of filing this report.


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