PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.

This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.

With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.

PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.

“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”

With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.

“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”

This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.

US Secret Service has quietly seized nearly $400 million in digital assets over the past decade, amassing one of the world’s largest crypto cold wallets, Bloomberg reported at the weekend, citing people familiar with the matter.

The agency’s Global Investigative Operations Center (GIOC) has tracked funds through open-source tools, blockchain analysis, and patience, Jamie Lam, an investigative analyst with the US Secret Service, reportedly told law enforcement officials in Bermuda last month.

The agency’s crypto trove, much of which sits in a single cold-storage wallet, results from a string of investigations into scams. Scammers lure targets into seemingly legitimate crypto investment platforms in one typical scheme.

Victims often see initial profits before the sites vanish with their deposits.

“That’s how they do it,” Lam said. “They’ll send you a photo of a really good-looking guy or girl. But it’s probably some old guy in Russia.”

Lam’s team uses domain records, blockchain transactions, and VPN slip-ups to identify fraudsters. In one case, a cryptocurrency payment led investigators to another wallet. In another one, a brief VPN failure exposed an IP address, helping agents piece together the scam’s digital trail.

At the helm of the Secret Service’s crypto strategy is Kali Smith, who directs a team that has trained officials in over 60 countries to unmask online financial crimes.

The agency has focused on jurisdictions with weak oversight or programs selling residency to foreign nationals. “Sometimes after just a week-long training, they can be like, ‘Wow, we didn’t even realize that this is occurring in our country,’” Smith said.

The Secret Service’s work has uncovered scams ranging from romance-investment schemes to sextortion cases. One investigation involved an Idaho teenager who sent a nude photo to an online stranger. The scammer extorted $300 twice before the teen went to the police.

Analysts traced the payments through another coerced teenager acting as a money mule, leading to an account tied to nearly $4.1 million in transactions under a Nigerian passport.

British police arrested the suspected extortionist when he arrived in Guildford, England, where he remains in custody pending extradition.

Ascensia Finance Company has officially commenced operations to provide financial intermediation services in Abuja.

Licensed by the Central Bank of Nigeria (CBN) in April, the financial institution aims to support individuals and small businesses through customised financial solutions delivered via efficient and accessible channels.

It offers a broad range of services, including loans, investment products, and financial advisory services tailored to meet the evolving needs of its customers.

In a statement, Mr. Jude Ezeami, Managing Director/Chief Executive, Ascensia, stated that proud member of the Finance House Association of Nigeria (FHAN), and in partnership with the Nigeria Interbank Settlement System Plc (NIBSS) and Remita, the company is leveraging strong institutional relationships and digital infrastructure to offer reliable financial services.

He said, “At Ascensia, we are committed to the growth of our clients by delivering inclusive, customer-centric financial services that empower individuals and small businesses to thrive.

“Our suite of products is designed to address the financing needs of Nigerians — whether through accessible personal loans, business financing, or innovative investment solutions.”

He said with the company’s strong foundation, experienced leadership, and a deep understanding of the local market, Ascensia remained poised to become a key player in Nigeria’s financial services industry.

The company is driven by a team of seasoned professionals with extensive experience in Nigeria’s resilient financial services sector.

Anchored on the core values of Trust, Resilience, Integrity, Creativity, and Empathy (TRICE), the company introduced a suite of innovative financial products.

These include personal loans of up to N5 million for self-employed professionals, with a repayment tenor of up to 12 months.

The company also provides SME loans of up to N10 million, specifically designed to support shop owners and small business operators engaged in trade of fast-moving consumer goods, with financing available for inventory and working capital needs.

The Ascensia PayEasy, a “Buy Now, Pay Later” solution, enables individuals and companies to acquire consumer goods or assets with a minimum 30 per cent deposit, and repay the balance over a six-month period.

For salaried employees in both the public and private sectors, the company offers PayDay Loans of up to ₦5 million, repayable over 12 months.

Through its Contract Finance offering, Ascensia supports vendors, suppliers, and contractors working with credible companies, NGOs, and public-sector agencies.

The product facilitates timely order fulfilment and improves liquidity by providing early access to funds through invoice discounting on confirmed invoices from approved counterparties.

The company also offers group loans for traders, artisans, farmers, and producers of fast-moving goods.

These loans are structured around group-based cross-guarantees, making financing accessible to individuals with strong cash flows but limited collateral. Eligible borrowers can access up to N3 million, repayable within 180 days.