News
PalmPay Launches Wallet Safe Workshop to Improve Payment Security Awareness
PalmPay, a fintech innovator aims to make digital payment more accessible and flexible, today announces the launch of Wallet Safe Workshop, a monthly campaign for payment security awareness training to help customers improve their overall security knowledge, and learn about how to spot and avoid e-scammers.
The penetration of the internet and digital payment in Africa has significantly increased in recent years. A number of potential issues, including fake news, leakage of personal information and financial scams, have emerged as a result of this rapid expansion in connectivity.
According to the NIBSS (Nigeria Inter-Bank Settlement System) report, the total number of fraud attempts in Nigeria has grown by 186% from 2019 to 2020.
Mobile fraud attempts jumped 330% year over year, while web and POS fraud attempts rose 173% and 215% respectively. It has become a top priority for financial institutions to guarantee the security of user transactions.
With the launch of the Wallet Safe Workshop, PalmPay will use both online and offline channels, including the app, social media, official websites, and printed materials, to publicise and expose examples of social media and telecom fraud, as well as how to spot fraudulent behaviour.
In particular, the company will improve anti-fraud warning education for vulnerable groups such as students and senior citizens, and promote legal provisions related to the proper use of mobile wallet accounts, to effectively raise people’s awareness of combating and managing telecom fraud and cybersecurity.
“The expanding use of digital payments brings new risk and security concerns.” said Chika Nwosu, Managing Director of PalmPay, “PalmPay committed to delivering users with a secure and trustworthy digital payment experience.
“We will continue to optimise our risk control procedures, and look forward to collaborating with law enforcement and cybersecurity partners to prevent fraud and ensure payment security.”
Keeping users safe from fraudsters is not an easy task. The right fraud monitoring and know your customer (KYC) approaches are key to the current rise in fraud attempts.
With robust anti-fraud and KYC systems, PalmPay protects the users from fraud and unauthorized use with various protective measures, including real-time risk control and abnormal behaviour detection, which automatically monitors, flags, and freezes high-risk transactions and accounts.
If a person suspects that they or someone else has been a victim of fraudulent activities, they should contact PalmPay customer service via in-app chat, email, social media, or call centre. PalmPay will investigate and freeze accounts to avoid additional loss due to fraudulent activities and to maximise the chances of tracing and retrieving funds.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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